GCash is not in a hurry for IPO and resets the schedule

Manila, Philippines As investors expect GCash to hit local bourses, its parent company said on Thursday it was still evaluating the market ahead of an initial public offering (IPO) despite previously planning a listing in the second half of 2024.

“No decision has been made as of today,” Tek Olaño, chief financial officer of GCash parent Mynt, said in a virtual briefing.

“On the one hand, there is really no rush for the IPO. The company is very comfortable. We have to take action when it is beneficial to the company,” added Ernest Cu, president of Globe Group, to which Mynt belongs.

Oscar Reyes Jr., president and CEO of G-Xchange Inc., previously told the media that they hope to go public in the second half of this year. G-Xchange Inc., a subsidiary of Mynt, operates GCash.

read: Mynt acquires payments platform from Globe ahead of IPO

Orano said it is still in a wait-and-see mode and will consider macroeconomic developments before making its debut.

“We have seen some capital market movements recently in both the region and global markets. While these signs are improving, we will continue to monitor global fiscal, monetary and geopolitical developments to judge a more appropriate time for an IPO.

Safe and reliable alternative

On Wednesday, GCash also announced that it had disbursed loans worth P118 billion to 3.9 million borrowers through its range of financing products.

These include Sakto Loans, which allows users to borrow loans as low as P100 to P1,000. Microfinance products are promoted as safe and secure alternatives to predatory informal lending.

read: GCash allows users to borrow and lend as low as P100

The company has also sold 16.3 million policies to date. GCash earlier launched an insurance policy to protect users’ fund transfers and payments from potential scams.

According to the latest data, there are 6 million merchants and social sellers in the GCash network.

This quarter, GCash will go live in the Middle East, with the goal of capturing a larger share of the overseas Filipino labor market.

It is estimated that there are 2 million Filipinos in the Middle East and North Africa. The largest sources of remittances are Saudi Arabia, the United Arab Emirates and Qatar, data from the Bangko Sentral ng Pilipinas showed.

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