Globe Telecom Inc. said Thursday it secured an approval from the Philippine Competition Commission (PCC) for the sale of its stake in Electronic Commerce Payments (EC Pay), Inc. to Globe Fintech Innovations Inc. (Mynt), the operator of GCash.
“We disclose that today, we received a certification from the Philippine Competition Commission allowing the transaction to proceed, subject to strict compliance by ECPay and Mynt of their respective voluntary commitments,” the Ayala-led telco told the stock exchange.
“Completion is expected to occur upon receipt of approvals from other relevant regulatory bodies and satisfaction of closing conditions,” it said.
Globe entered into an agreement with Mynt for the sale of its 77 percent stake in ECPay for P2.31 billion in September 2023 .
ECPay’s minority stakeholder, Payment One, Inc., is likewise a party to the agreement, effectively making the transaction a full acquisition of ECPay by Mynt.
The company was acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bills payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet & cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets.
The acquisition will help GCash provide best-in-class services in the fintech space and further democratize financial access.