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GCash IPO Imminent, Says Globe Telecom CEO

GCash IPO Imminent Says Globe Telecom CEO
  • GCash is reportedly ready for an IPO this year, according to Ernest Cu, CEO of parent company Globe Telecom.
  • Cu mentioned that GCash’s growth and profitability make it suitable for an IPO, aiming to be push-button ready by the end of the year.
  • GCash, which started as a mobile wallet service in 2004, has expanded its offerings to include various features such as cash-in and cash-out services, cryptocurrency trading, stock trading, lending services, and international access.

Editing by Michael Mislos

Globe Telecom’s chief executive, Ernest Cu, recently declared that GCash is prepared for its Initial Public Offering (IPO) debut this year, a significant milestone for the leading e-wallet platform in the Philippines.

Anticipation for GCash’s IPO

In a recent interview with Bloomberg Television, the CEO mentioned that GCash is “pretty much ripe” for an IPO– a process through which a private company offers its shares to the public for the first time. 

Photo for the Article - GCash IPO Imminent, Says Globe Telecom CEO
Ernest Cu, CEO of Globe Telecom

“The growth is there, the profitability has been there for almost two years now. The plan is to be push-button ready by the end of the year. Let’s see where it takes us,” he stated. 

In November last year, GCash priorly denied any plans of an IPO anytime soon, noting that the “tech winter” results in the lack of a market.

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As of March 2023, the mobile e-wallet currently has 77 million users.

The Evolution of GCash: More than a Mobile Wallet

Launched in 2004 by Globe Telecom and UnionBank, GCash, now operated by Mynt, started as a mobile wallet service in the Philippines offering fundamental services like money transfers, bill payments, and mobile load purchases. Over the years, the e-wallet has expanded to offer cash-in and cash-out services via partner agents, transforming physical cash into digital currency and vice versa.

To date, the e-wallet offers several other features including a cryptocurrency trading platform within the app called GCrypto. It also opened an in-app stock trading platform which has two parts—GStocks Global and GStocks PH. GCash also has lending and installment services GCredit, GLoan, and GGives. It also now has GCash Cards and GCash Cards Visa–prepaid cards connected to the user’s account, enabling seamless payments and cash withdrawals at various merchants and ATMs.

The services of the app can now also be accessed internationally through GCash Overseas–a special feature that enables Filipinos living and working abroad to register for a GCash account using an international SIM card. 

However, like many digital platforms, GCash has faced security challenges.  The platform was recently embroiled in a cyber theft that aimed to steal ₱37 million.

Feature Photo Credits: Viva Manilena

This article is published on BitPinas: Parent company CEO: Mobile e-Wallet GCash Ready to go Public

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.