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Ant-backed Mynt eyes more funds for Philippines fintech fight

Payment company valued at almost $1bn wants more services that rival banks

Philippine fintech player Mynt, known for its GCash mobile wallet, is looking to expand its lineup of financial services. (Image captured from YouTube account of GCash)

MANILA -- Mynt, the Philippine fintech company backed by China's Ant Group, is eyeing a further round of fundraising to secure a $1 billion valuation as the race for scale intensifies in the country's fast-growing digital banking market.

The growth of Mynt underlines how Southeast Asia is becoming a fintech battleground after the coronavirus pandemic spurred use of mobile payments and as regulators move to encourage competition between established banks and digital rivals.

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