Globe Fintech Innovations Inc. (Mynt), the parent company of the leading e-wallet GCash, has solidified its position in the financial services sector by acquiring a 16-percent stake in AB Capital Securities Inc. (ABSCI), the stock broking arm of investment house AB Capital and Investment Corp. This strategic move, disclosed in Globe Telecom Inc.'s annual report to the Philippine Stock Exchange (PSE), underscores Mynt's ambition to broaden its financial offerings and engage more retail investors in the local stock market.

The initial agreement, penned in 2023, outlined Mynt's intention to acquire a 50 percent stake in ABSCI. The acquisition unfolded in tranches, with the first investment tranche completed in September 2023 for an initial 7.5 percent stake, amounting to ₱37.50 million. As of December 31, 2024, Mynt has finalized the second investment tranche, bringing its total ownership to 16 percent. Based on Mynt’s initial purchase, ABSCI’s full valuation is approximately ₱500 million.

ABSCI, under the leadership of executive chairman Antonio Jose Periquet, provides clients with comprehensive company research and facilitates access to trading. Notably, Periquet also serves as a Non-Executive and Independent Director in Globe since April 2023. The collaboration between the stock brokerage house and GCash has strengthened since the PSE's call for increased retail investor participation in the stock market.

GCash previously launched GStocks PH, an in-app stock trading platform powered by ABSCI, enabling users to invest in over 280 local companies listed on the PSE with investments starting at less than ₱1,000. The platform has attracted over 800,000 registered users. ABSCI has lauded the tie-up with GCash, emphasizing the unparalleled reach to retail investors across the country that the e-wallet provides to its investment banking clients.

Mynt's pursuit of a 50-percent stake in ABSCI is integral to its broader expansion strategy to reinforce its financial services. GCash is evolving into a comprehensive all-in-one application, providing services ranging from lending and insurance to cryptocurrency and the forthcoming GBonds, which will enable retail investors to trade government securities. Valued at over $5 billion, Mynt is also preparing for a listing on the PSE.

Established in 2015, Mynt is a financial technology startup formed through a partnership between Globe, Ayala Corp., and Ant Financial, an affiliate of the Chinese conglomerate Alibaba Group. The company's strategic investment in ABSCI reflects its commitment to democratizing access to financial services and empowering Filipinos to participate in the stock market.