Ayala Corp., the diversified investment holding company of the Ayala Group, said that the Securities and Exchange Commission (SEC) has approved the amendment of the Articles of Incorporation of Mynt, the fintech powerhouse behind GCash.
The regulatory approval paves the way for a broader ownership structure as Mynt gears up for a highly anticipated initial public offering (IPO).
Under the approved changes, Mynt’s total number of common shares has expanded to 71.66 billion, each with a par value of ₱0.03, while its authorized capital stock remains at P2.15 billion. Analysts viewed the move as a de facto stock split since the previous par value of Mynt shares was P1. The adjustment in par value created more lshares that makes Mynt more accessible to a wider pool of potential investors ahead of its public debut.
Founded in 2015 as a partnership among Ayala Corp., Globe Telecom, and Ant Financial, Mynt has evolved from a fledgling fintech start-up into one of the Philippines’ leading digital financial service providers.
The company’s flagship product, GCash, dominates the local e-wallet market, with millions of users relying on it for payments, savings, and investments.
Earlier this year, Japan’s Mitsubishi UFJ Financial Group (MUFG) finalized a USD400-million deal for an 8 perent stake in Mynt—valuing the fintech giant as the country’s USD5 billion unicorn—underscoring growing foreign investor confidence in the Philippines’ expanding digital finance sector.
With SEC approval secured, Mynt now appears one step closer to one of the country’s most anticipated IPOs.
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