Photo caption: Zalora’s new state-of-the art hub is strategically located along the Muntinlupa-Cavite Expressway

Performance Highlights

Outlook and Strategy

The ASEAN region holds tremendous potential in reaping the benefits of this digital shift, with a young and tech-savvy population boosted by improving economic fundamentals. According to a 2020 study by Google and Temasek, internet usage in Southeast Asia continues to grow, with 40 million new users in 2020. COVID-19 has ushered in an era of massive digital adoption with eight out of 10 Southeast Asians viewing the internet and technology as very helpful amid the pandemic. The study also forecasts that the internet sector will remain resilient and is poised to grow to over US$300 billion in gross market value by 2025.

The same study cites that the internet economy in the Philippines has a lot of upside among the six largest ASEAN economies. It is expected to grow to US$25 billion by 2025. The country continues to have the second largest internet user base of 68 million users in Southeast Asia. However, challenges such as the speed and affordability of internet access and the insufficient adoption of digital payment solutions continue to persist.

Myanmar, however, continues to face political and economic challenges as the ramifications of the 2021 coup continue to be felt.

Capitalize on opportunistic monetization initiatives in support of AC’s value realization program

Realize value on existing portfolio investment

Enable new opportunities for the Ayala group

Invest in adjacent businesses that complement the group’s portfolio

Gear up tech businesses for scale and profitability

Support tech investees to attain sustainable and profitable growth



Logistics infrastructure

Real estate development

Payments systems Industrial facilities

Industrial facilities


Proprietary software systems

Tech-grounded business models

Innovative mindset


Social and Relationship

Affiliation with Ayala brand

Loyal active customer base

Partnership with retailers, agents, and suppliers

Investor and other professional networks


Zalora: 450 employees

Mynt: 929 employees


Capital / Investments

How We Create Value


Explore new disruptive trends, businesses, and relationships


Enable adjacencies and synergies that complement the strategies of current businesses

Zalora expanded its portfolio to offer one of the largest brand and category selections in the Philippines e-commerce landscape.

The Value We Create


2021 Achievements

2021 Financial Performance

2022 Priorities

Capitalize on opportunistic monetization initiatives in support of Ayala’s value realization program

Enable new opportunities for the Ayala group

Gear up tech businesses for scale and profitability

Returned US$43.8 million to AC by selling existing portfolio investments in the Milestone Group, Arbor Ventures FundsI and II, Arch Capital Fund IV, and the Victoria Arbors investment in USA.

Launched and deployed first investments in the ACTIVE Fund

Launched the Cartera joint venture with BPI and Indivara

Supported Yoma in navigating the local political and economic environment through balance sheet management, capital allocation, and cost management among others

Reached positive margin after direct cost in Zalora

Significantly grew active user base of GCash and onboarded a new strategic investor in Mynt

AC Ventures: Generated proceeds worth US$43.8 million in value realization initiatives

Mynt: Achieved profitability three years ahead of target, achieved double unicorn status

Zalora: 25% growth in NMV, reached positive margin after direct cost

Consider divesting existing stakes in remaining portfolio investments.

Explore other avenues for coinvestment opportunities.

Consider co-investment opportunities alongside the ACTIVE Fund

Engage and strengthen relationship with the Yoma group to realize synergies

Forge partnerships with the wider Ayala group through the Cartera platform and accomplish budget and operational ambitions for Zalora and Mynt

AC Ventures

In 2021, AC Ventures, together with Ayala Malls, acquired a 15 percent stake in Etaily, an e-commerce enabler that provides brands and merchants a one-stop omnichannel solution to help them sell virtually. In addition, AC Ventures also embarked on value realization initiatives and returned US$43.8 million to AC by selling its existing portfolio investments in the Milestone Group, Arbor Ventures Funds I and II and Arch Capital Fund IV.

AG Holdings

In Asia, AG Holdings continues to hold investments in varied funds including Alibaba’s New Retail Strategic Opportunities Fund, Ikhlas Capital, and Indies Pelago. AG Holdings’ largest fund investment is with Arch Capital, a real estate-focused fund with projects in various countries in ASEAN. In 2021, AG Holding’s received US$27.4 million in distributions and divestment proceeds from the Arch Funds.

Zalora Philippines

In 2021, Zalora Philippines’ net merchandise value, the value of goods traded through its platform net of discounts and returns, continued to trend upward. Despite the continued headwinds brought about by COVID-19, NMV still grew by 25 percent year-on-year as a result of more robust consumer spending amid a strong economic rebound in the fourth quarter of 2021. During the year, Zalora Philippines launched new channels for revenue creation and customer facing product features. To date, Zalora Philippines continues to offer one of the widest brand and category assortments in the country.

The fulfillment hub of Zalora is a 5-level facility able to support the management of 1.7 million items.


AC Ventures owns a 25.5 percent stake in Cartera, another fintech venture in partnership with BPI and the Indivara Group, one of the largest technology investment holding companies in Indonesia. Cartera aims to provide a digital payment and loyalty exchange platform which integrates various payment systems. In 2021, Cartera, with BPI, inked a partnership to build a differentiated customer experience that encourages increased availment and usage of BPI’s various products and services through incentives, rewards, and amplified communications.


AC Ventures committed to invest US$100 million the Ayala group’s venture capital fund, ACTIVE Fund. ACTIVE Fund invests globally in tech and traditional areas including data and analytics, artificial intelligence, and real estate. Through the ACTIVE Fund, the Ayala group hopes to build on an ecosystem that can provide visibility into these emerging trends. In 2021, the ACTIVE Fund deployed US$11.25 million in capital across four new deals in the e-commerce, fintech, healthtech and logistics sectors. To date, the ACTIVE Fund has made a total of seven investments.

Yoma Group

Founded by Serge Pun in 1962, the Yoma group operates over 30 different subsidiaries with operations primarily in Myanmar and is listed in the Singapore Stock Exchange. The US$237.5 million investment of Ayala supports its strategy to pursue international expansion opportunistically, particularly in markets and sectors where it can bring its strengths and expertise. As a diversified conglomerate in Myanmar with overlapping interests in real estate, power, financial services, automotive, and healthcare, the Yoma group will serve as Ayala’s platform for strategic investments in the country.

In spite of the recent political challenges in the country, Ayala's investment in the Yoma Group is anchored on the long-term growth potential of Myanmar.


Mynt delivered another banner year in 2021, sustaining its momentum and focus on helping Filipinos stay resilient and connected through GCash, the number one finance app in the country. It has over 55.3 million registered users, equivalent to 70 percent of the Philippines’ adult population.

Besides growing its investment platform, GInvest, 2021 also marked two financial milestones for Mynt. First, it proved its ability to scale and create a sustainable business by achieving positive EBITDA and profitability three years ahead of target, making Mynt one of the few fintechs in the world that is able to make money. Second, Mynt achieved duacorn status, the first tech unicorn in the Philippines, growing its valuation to US$2 billion, as it secured over US$300 million in its latest funding round.

Mynt’s Gcash is the first Philippine fin tech to achieve a double unicorn valuation of US$2 billion