Jack Ma Scores Win After Fintech Mynt Hits $5 Billion Valuation

Billionaire Jack Ma and one of the richest clans in the Philippines both notched wins as the company running the most popular e-wallet service in the archipelago raised new funds at a $5 billion valuation.

The service, called GCash, has more than 90 million users, or about three quarters of the Philippine population. It’s operated by Mynt, a fintech based in Manila that started in 2015. Mynt’s founding partners are the Ma-backed Ant Group, an affiliate of Alibaba Group Holding Ltd., and two Filipino companies that both trace back to the Zobel de Ayala family, one of the country’s most ...