Globe CEO Ernest Cu has announced previously that the company might list GCash “sometime in 2025”. While Globe CEO Ernest is said to prefer to conduct the initial public offering (IPO) for GCash on the Philippines Stock Exchange (PSE), they are also considering a dual listing to “take advantage of the liquidity in the US market.”
Globe owns a 35% stake in Mynt, the parent company of GCash, which was last valued at approximately US$2 billion in 2021. Other investors in Mynt include Ant Group (Alibaba), American PE firm Warburg Pincus, Bow Wave Capital, and Ayala Corp.
Reports indicate that the Ant Group is likely to retain its shares through any IPO, whereas investors like Warburg Pincus and Bow Wave Capital may need an IPO to facilitate an exit. This mix of investors suggests that Globe and its co-investors might push the GCash listing to happen sooner rather than later.
In other developments, GCash is allocating a significant portion of its budget to safeguarding its platform from breaches, according to GCash Chief Risk Officer Ingrid Beroña at the BusinessWorld Economic Forum 2024.
“I know that fraudsters and even perpetrators also need a tool that could be used to move forward. Artificial intelligence (AI) has actually helped us a lot in ensuring that our space is safe,”
Ingrid stated. She further highlighted that investing in technologies has allowed the company to successfully prevent cybersecurity breaches.
“What I can confidently say is [the value of cybercrime incidents] is not even 1% of our daily transactions,”
she said.
“The most prevailing technology we have is AI. AI has helped us that our space is safe. We have a good relationship with local authorities and they are working with us to ensure that the space is secure,”
she added.
Featured image credit: Edited from Freepik
