Telecom Giant Globe's Profit From GCash Doubles as Mobile Payment Arm Eyes IPO

Globe Telecom Inc. said more than a quarter of its profit before tax now comes from fintech arm Mynt, the parent of top Philippine mobile-payment service provider GCash.

Globe’s share in the equity earnings of Mynt or Globe Fintech Innovations Inc. rose to 3.8 billion pesos ($66 million) in the first half, up 78% from a year. It now makes up 26% of Globe’s pre-tax net income, more than double the 12% contribution it made a year ago, Globe said in a statement.