PCC clears Mitsubishi's 50% acquisition of GCash ultimate parent firm
In particular, Mitsubishi is acquiring a 50% stake in Ayala's AC Ventures Holding Corporation.
In approving the proposed transaction, the antitrust watchdog said Mitsubishi's investment in AC Ventures would not significantly reduce competition in the relevant market for the provision of Quick Response code-based digital payments to merchants.
AC Ventures will be jointly controlled by Ayala and Mitsubishi post-transaction.
The company is Ayala's venture capital arm, the parent company Globe Fintech Innovations Inc. (Mynt), which in turn is the firm behind GCash operator G-Xchange Inc. and tech-based microlender Fuse Lending.
The PCC, in its decision, cited "the small market share held by GCash in the provision of QR-based Person-to-Merchant payments, as well as the strong governmental push for interoperability in QR-based payments across the country."
While Mitsubishi indirectly owns convenience store chain Lawson Philippines, which accepts QR code-based payments from consumers, the antitrust watchdog said it has limited presence and that the transaction would not result in substantial lessening of competition, according to PCC.
Person-to-merchant payments, through the use of QR codes, enables businesses to accept digital payments from consumers for goods and services that the business sells.
The Philippine Competition Act mandates the PCC to review mergers and acquisitions to ensure transactions do not lead to a substantial lessening of competition in relevant markets. — VDV, GMA Integrated News
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