Simpson Thacher is representing Ant Financial Services Group (“Ant Financial”) in its acquisition of new shares of Globe Fintech Innovations, Inc. (“Mynt”), as part of a strategic partnership involving Globe Telecom, one of the leading mobile telecom operators in the Philippines, and Ayala Corporation, one of the largest conglomerates in the Philippines, to accelerate financial inclusion and upgrade payment services in the Philippines. Currently a wholly owned subsidiary of Globe Telecom, Mynt operates “GCash,” a micropayment service used to buy prepaid load, pay bills, send money and purchase goods without the need for cash, and “Fuse Lending,” which offers personal and business loans to unbanked and underserved Filipinos through the use of mobile technology, alternative data and innovative credit scoring methods. The capital infusion by Ant Financial is intended to help Mynt become a world-class online and offline payment provider as well as scaling up its mobile wallet services and expanding its digital financial services. Upon closing of the transaction, Ant Financial will own a substantial minority interest in Mynt, Ayala Corporation will own a minority interest, and a subsidiary of Globe Telecom will own the remaining equity interest.

The Simpson Thacher team includes Ian Ho, Sandra Kister and Olivia Tang (M&A); Lori Lesser and Genevieve Dorment (Intellectual Property); Adam Goldberg (Regulatory); and David Vann and Mathieu Coquelet-Ruiz (Antitrust).