GCash, the leading mobile wallet service in the Philippines developed by Mynt, is waiting for favorable market conditions and more capital market reforms before deciding to go public, GCash’s parent company, Globe Telecom Inc., said Wednesday.
Globe president and chief executive officer Ernest Cu earlier said a potential IPO could happen next year as it seeks out new investors and an overseas listing.
“GCash wishes to clarify that the timeline for the potential initial public offering closely depends on favorable market conditions so GCash could unlock its fair value upon listing. GCash is also monitoring developments and reforms to the capital markets that would further improve the landscape of being a publicly listed company, while studying the possibility of a dual listing,” Globe told the Philippine Stock Exchange.
Globe said GCash plans to become push-button-ready when the opportune time comes but is currently focused on growth to create more value for its customers and make GCash the safest and most trusted platform championing financial inclusion.
Around 94 million Filipinos, including those living in 17 other countries, have used GCash, transacting with 6 million merchants and social seller networks. It has also disbursed P118 billion in loans and 16 million insurance policies to 4 million users.
