Payment giant Mynt fuels Philippine market hopes with IPO record

By the Editorial Team · Wednesday, October 21, 2026

Mynt, the parent company of GCash, raised nearly $1 billion in a record-setting IPO on the Manila Stock Exchange, marking the largest tech listing in the Philippines. This infusion of capital is expected to accelerate the expansion of digital financial services, enhance financial inclusion for unbanked Filipinos, and boost the country’s fintech standing in the ASEAN region.

Mynt, the parent company of Philippine digital payments leader GCash, made its stock market debut in Manila on Tuesday, raising nearly $1 billion in what analysts described as a record-breaking initial public offering (IPO). This milestone is seen as a significant development for the country’s fintech sector, especially given that over 40 percent of the Philippine population remains without access to traditional banking services.

GCash, which boasts more than 40 million monthly active users, offers a range of digital financial services including payments, credit, savings, and bill management through its mobile application. The company’s shares opened at 6.64 pesos (approximately 11 U.S. cents), slightly above the listing price of 6.60 pesos.

Market observers noted the potential impact of Mynt’s IPO on the broader Philippine economy and its stock market. Cristina Ulang, head of research at First Metro Investment Corporation, described the IPO as a pivotal moment that could elevate the country’s fintech profile within the Association of Southeast Asian Nations (ASEAN) and across Asia. She emphasized that Mynt and GCash could serve as indicators of the nation’s digital economic progress and competitiveness relative to regional peers.

The digital platform also enables users to trade stocks via GStocks PH, a service provided by AB Capital Securities integrated into the GCash app. According to the Philippine Stock Exchange president Ramon Monzon, around 140,725 GCash subscribers—many of whom are new investors—contributed approximately 1.1 billion pesos to the IPO, highlighting the platform's role in broadening market participation.

Philippine President Ferdinand Marcos, who attended the market opening ceremony, lauded the IPO for expanding investment opportunities to small shareholders. He also acknowledged ongoing challenges in attracting fresh capital to the country’s stock market, underscoring the importance of the listing in generating renewed investor interest and fostering wider participation.

Mynt is a joint venture between Globe Telecom, Ayala Corporation, and Ant Group, Alibaba's financial affiliate. The company intends to use the funds raised from the offering, totaling about $960 million, to support the expansion of its digital financial services, develop new products, and cover general corporate expenses. The IPO attracted over 20 institutional investors from both domestic and international markets, including Capital Research and Management Company and HSBC Global Asset Management (UK) Limited.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.