Reported 2 months ago
Japan's Mitsubishi UFJ Financial Group (MUFG) has announced its acquisition of an 8% stake in GCash, a leading fintech company in the Philippines, for $393 million, valuing the company at $5 billion. This investment comes as part of MUFG's strategy to tap into the rapidly growing digital payment market in Asia, particularly after the pandemic increased cashless transactions among Filipinos. Along with MUFG, Globe Telecom's parent company, Ayala Corp, will also increase its stake in GCash. This deal significantly boosts GCash's valuation and reflects the growing importance of digital finance in the region.
Source: YAHOO