PCC OKs Mitsubishi's P18.4B stake in AC Ventures, GCash

The Philippine Competition Commission (PCC) has approved the P18.4-billion purchase by Mitsubishi Corporation of shares in Ayala's AC Ventures Holding Corp., allowing Mitsubishi to acquire a 50 percent stake.

This acquisition translates to a 6.5-percent stake in GCash, a popular e-wallet.

AC Ventures is Ayala's tech holding firm that has interests in unicorn Globe Fintech Innovations Inc. (Mynt), the parent company of GCash and microlender Fuse Lending.

The PCC concluded that Mitsubishi's investment will not significantly reduce competition in the market for Quick Response (QR) code-based digital payments to merchants.

The Commission cited GCash's small market share in QR-based person-to-merchant payments and the government's push for interoperability of digital payment systems.

Although Mitsubishi indirectly owns Lawson Philippines, which accepts QR code payments, its limited local presence makes a substantial reduction in competition unlikely.