GCash Parent Mynt Keeps IPO Option Open

Why It Matters

Mynt’s rapid earnings expansion strengthens Globe’s balance sheet and signals a potentially sizable public offering in a fast‑growing Southeast Asian fintech market, attracting both local and foreign investors.

Key Takeaways

• Mynt's equity earnings rose 64% to P6.1 billion.
• Fuse Financing disbursed P362 billion, 65% YoY increase.
• GStocks PH reached 1.7 million users in 2025.
• IPO remains option; no timeline set.
• Regulatory changes pose earnings risk for Mynt.

Pulse Analysis

The surge in Mynt’s earnings underscores how digital finance is embedding itself in everyday Philippine transactions. With P6.1 billion in equity earnings—accounting for roughly 22% of Globe Telecom’s pretax income—the fintech subsidiary is not only a profit engine but also a catalyst for broader financial inclusion. Its lending arm, Fuse Financing, has expanded credit access to over 10.5 million borrowers, while GCash’s investment and insurance products are drawing millions of new users, reflecting a maturing ecosystem that blends payments with wealth‑building services.

While Mynt has not committed to a public listing, the IPO remains a strategic option amid favorable market sentiment toward fintech. Analysts estimate that GCash contributes about 32% of Globe’s overall valuation, suggesting that a successful float could unlock significant shareholder value. However, the company must navigate evolving regulatory frameworks, especially tighter online‑gambling rules that could erode earnings. Timing the IPO to align with the upcoming public‑float rule changes will be critical to maximize pricing and investor appetite.

For the Philippine fintech landscape, Mynt’s trajectory sets a benchmark for scale and diversification. Its ability to grow payments, credit, investments and insurance under one brand illustrates a holistic approach that competitors are likely to emulate. The potential IPO could also deepen capital market participation in the region, offering investors exposure to high‑growth digital finance assets. Yet, sustained regulatory clarity and macro‑economic stability will be essential to maintain the momentum that has propelled Mynt’s rapid expansion.

GCash parent Mynt keeps IPO option open

By Logan Kal‑El M. Zapanta · Philippine Daily Inquirer · 02:06 AM February 10, 2026

MANILA, Philippines — Mynt, the parent company of GCash, remains open to a potential initial public offering (IPO). This, even as the fintech firm focuses on scaling its payments, lending and financial‑services businesses amid strong earnings growth.

Carlos Puno, chief financial officer of Globe Telecom Inc., said in a briefing on Monday that the company and its shareholders continue to consider “various capital solutions.” These include an IPO, but Puno said no timelines have been set yet.

“In the meantime, the Mynt team is very focused and very committed to growing its business amid this evolving macro and regulatory condition,” Puno added. He noted that disclosures would be made in line with stock‑exchange rules once a definitive decision has been reached.

GCash is one of at least four companies projected to go public this year. It continues to wait on the upcoming changes to the rules on public float. If it finally moves forward in 2026, the IPO would follow a strong financial year. In 2025, GCash saw expanding adoption of both its digital payments and credit products.

Mynt’s attributable equity earnings to Globe Telecom Inc. reached P6.1 billion last year, up 64 percent year‑on‑year, accounting for about 22 percent of Globe’s pretax income.

“Our growth momentum continues as digital finance becomes more embedded in daily life,” said Martha Sazon, president and CEO of Mynt. “We are doubling down on expanding financial access to the masses through everyday payments, fair lending, and inclusive wealth and insurance products.”

While payments remain a core growth driver, lending also registered robust growth. Fuse Financing, the lending arm of Mynt, has disbursed P362 billion in loans to date—a 65‑percent increase from 2024, driven by more than 10.5 million unique borrowers.

GCash also reported rising uptake in investments and insurance, with its GStocks PH platform serving 1.7 million registered users in 2025. Insurance policies sold through GInsure nearly tripled to 132.6 million.

Analysts at First Metro Securities see Mynt as a key value driver for Globe. The brokerage estimates the GCash operator accounts for about 32 percent of Globe’s valuation and projects the telco’s revenues to reach P185.6 billion in 2026, rising to P190.3 billion in 2027. First Metro lists GCash among the group’s “top defensive picks.”

However, First Metro also flagged regulatory risks for Mynt, including the “larger than expected” impact on earnings from tighter online‑gambling rules.