In 2017, Alipay Singapore Holding Pte. (Alipay) proposed to acquire Globe Fintech Innovations, Inc. (Mynt). After its Phase 1 review, the PCC flagged a potential competition concern in the non-bank electronic money market. However, following a Phase 2 review, Mynt was found to have no incentive to block entry or expansion of other players in the market. Also, other payment options (e.g., cash) limit the market power which Mynt may exercise. Alipay is owned by Ant Financial Group, which provides a digital platform for financial services. Mynt operates G-Xchange Inc., which handles the "G-cash," a micropayment service making the mobile phone into a virtual wallet; and Fuse Lending Inc, which is a tech-based lending company