GCash is exploring a move into digital banking after its parent company Mynt raised PHP 60.9 billion (US$965.4 million) in the Philippines’ largest initial public offering (IPO).

PhilStar reported that GCash’s Head of Capital Markets and Investor Relations, Joseph Samuel Tang, sees potential for the move.

He cited the platform’s established payments network and growing lending business as key strengths.

The platform has approximately 41.5 million monthly active users.

It processed PHP 9.8 trillion (US$155.36 billion) in transactions during the first half of 2026, up 23 percent year on year.

Its credit portfolio has reached PHP 70.5 billion (US$1.12 billion), with a non-performing loan ratio of 4.9 percent.

A digital banking licence could allow GCash to offer deposit accounts and other banking services.

The Bangko Sentral ng Pilipinas stopped accepting new digital banking licence applications on 1 December 2025, although certain existing banks may still qualify for conversion.

Tang indicated that GCash could continue growing without a banking licence.

Mynt Earmarks US$89.6 Million for Lending Expansion

The plans follow Mynt’s stock market debut on 20 October, which valued the company at approximately PHP 442 billion (US$7.01 billion).

Its shares rose as high as PHP 6.76 (US$0.107) before closing at their PHP 6.60 (US$0.105) offer price, DealStreetAsia reported.

Mynt plans to invest PHP 5.65 billion (US$89.6 million), or 60 percent of its net IPO proceeds, in its lending business over the next three years.

Another PHP 1.88 billion (US$29.8 million) has been earmarked for product development, including improvements to GCash’s cross-border capabilities.

The company reported a 7.3 percent increase in net income to PHP 10.82 billion (US$171.5 million) for the first half of 2026.

Revenue rose 10.4 percent to PHP 43.27 billion (US$686 million).

Featured image: Edited by Fintech News Philippines, based on image by GCash via LinkedIn