Globe consolidates financial technology businesses under Mynt

GLOBE TELECOM, Inc. on Tuesday said is consolidating its financial technology businesses under a single subsidiary, amid efforts to push for greater financial inclusion in the country.

In a disclosure to the stock exchange, Globe said the executive committee of its board of directors approved the transfer of ownership of G-Xchange, Inc. ( GXI) to Globe Fintech Innovations, Inc. (Mynt).

Mynt, a wholly owned subsidiary of Globe, is the holding company for the telecommunications giant’s financial technology businesses. In August 2016, Mynt formed Fuse Lending, Inc. as a subsidiary to operate as a lending company.

GXI offers mobile commerce services, including payments, remittances and loans, under the GCash brand. GCash is Globe’s virtual wallet service that allows users to make financial transactions on their mobile phones.

In the first quarter of 2016, bux.com, an advanced total mobile payment solution, partnered with GCash to provide financial inclusion to the unbanked sector in the country.

GXI also partnered with Rural Net, Inc. in the second quarter of 2016 “to help create a platform designed to grow the businesses of rural banks, cooperatives and other agencies across the Philippines.”

For the first nine months of 2016, Globe Telecom saw its year- to- date earnings fall 17% to P11.7 billion from the P14.1 billion reported for the comparable 2015 period, “as the gains in EBITDA ( earnings before interest, tax, depreciation and amortization) were offset by increases in depreciation and non-operating charges.”