Mynt, the parent of Philippine e-wallet GCash, remains open to pursuing an initial public offering (IPO) but has yet to decide on the timing of the listing, a senior executive said.
“Mynt and its shareholders remain open to various capital solutions, including an IPO,” Juan Carlo C. Puno, Globe‘s chief finance officer, treasurer, and chief risk officer, said during Globe’s Q1 Financial Media Briefing 2026, Wednesday.
Puno, however, said “no official decision has been made regarding the timing”, adding that Mynt’s immediate focus is on growing its business amid evolving macroeconomic and regulatory conditions.
GCash, the fintech platform operated by Mynt with Globe as a key founding partner, was reported last year to have hired banks including Citi, Jefferies, and UBS to work on a domestic IPO of up to $1.5 billion.
If the listing goes ahead, it would not only be the Philippines’ biggest ever, surpassing the $1-billion IPO of food company Monde Nissin in 2021, but could also reshape exit possibilities in the local startup ecosystem.
Mynt contributed 30% of Globe Telecom’s pre-tax income in the first quarter of 2026, underscoring the growing role of the telco’s fintech investment.
Globe said its equity share in Mynt rose 8% year-on-year to 1.9 billion pesos in the three months ended March, and more than doubled from the previous quarter.
Mynt operates GCash through G-Xchange and also owns the lending platform Fuse Financing.
In February, the Asian Development Bank (ADB) made its first-ever fintech partnership in Southeast Asia, committing a 1.75 billion pesos ($30 million) credit facility to Fuse Financing, the lending arm of GCash.
GCash grew its profits by over 74% in 2024 on the back of robust revenue growth and tighter cost controls, show regulatory filings obtained by DealStreetAsia.
Meanwhile, Globe’s consolidated service revenues rose 5% year-on-year to 42 billion pesos, driven by mobile data, fibre broadband and enterprise ICT demand.
Mobile revenues grew 6% to 30 billion pesos, while home broadband and corporate data revenues each rose 6% to 6.2 billion pesos and 5.1 billion pesos, respectively. EBITDA increased 7% to 22.2 billion pesos, while core net income rose 9% to 4.9 billion pesos. Reported net income fell 20% to 5.6 billion pesos due to one-off gains booked a year earlier.
