PCC clears Mitsubishi’s P18.4-billion deal for indirect GCash stake

THE PHILIPPINE Competition Commission (PCC) has approved Ayala Corp’s sale of 50% of its stake in AC Ventures Holding Corp. (ACV) to Japan’s Mitsubishi Corp. for P18.4 billion.

- Revin Mikhael D. Ochave

The competition watchdog found that Mitsubishi's investment in ACV would not “significantly reduce” competition in the market for quick response (QR) code-based person-to-merchant digital payments, the PCC said in an emailed statement on Thursday.

ACV is the venture capital arm of Ayala Corp. and holds 13% of Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange, Inc, and tech-based microlender Fuse Lending.

The PCC found that Mitsubishi has a limited presence in the QR code-based payment market despite its indirect ownership of convenience store chain Lawson Philippines, and said the transaction would not lead to a “substantial lessening” of competition.