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Manila Bulletin devider Business devider The Stock Market devider PCC clears Mitsubishi-Ayala joint venture in GCash parent firm

PCC clears Mitsubishi-Ayala joint venture in GCash parent firm

Published Jul 31, 2025 08:23 pm  |  Updated Aug 1, 2025 06:47 am
The Philippine Competition Commission (PCC) has cleared the proposed joint venture between Ayala Corp. and Mitsubishi Corp., stemming from the latter’s acquisition of a 50 percent stake in Ayala-led AC Ventures Holding Corp.
In a statement on Thursday, July 31, the country’s antitrust body determined that Mitsubishi’s investment in AC Ventures would not significantly reduce competition in the market for QR code-based digital payments to merchants.
AC Ventures serves as Ayala’s venture capital arm and holds key investments in Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange Inc., and tech-based microlender Fuse Lending.
Post-transaction, AC Ventures will be jointly controlled by both parties.
The PCC noted in its decision the relatively small market share held by GCash in the provision of QR-based Person-to-Merchant payments.
Additionally, the PCC cited the strong governmental push for interoperability in QR-based payments in the country as a factor in its approval.
Person-to-merchant payments, facilitated by QR codes, enable businesses to accept digital payments from consumers for goods and services.
While Mitsubishi indirectly owns Lawson Philippines, a convenience store chain that accepts QR code-based payments from consumers, the PCC said that its limited presence means the transaction would not result in a substantial lessening of competition.

Related Tags

Ayala Corporation Philippine Competition Commission (PCC) GCash Mynt AC Vetnures
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