PSE Targets Maya for Next Major Fintech IPO

 

The Philippine Stock Exchange (PSE) is setting its sights on digital bank Maya as a potential candidate for its next major initial public offering (IPO), following the strong market debut of GCash parent Mynt Inc.

PSE president and CEO Ramon Monzon said Maya is a logical next target, citing the maturity of the digital financial services market and the momentum generated by GCash's listing. He indicated that the exchange intends to engage Maya as it seeks to attract more technology-driven companies to the local capital market.

Maya's ownership structure, however, could complicate the path toward a Philippine listing. While PLDT Inc. chairman, president and CEO Manuel V. Pangilinan reportedly favors an IPO in the Philippines, Maya's foreign investors, including China's Tencent and US private equity firm KKR & Co. Inc., may prefer an overseas listing to pursue a higher valuation.

According to Monzon, this difference in priorities has prompted discussions about a dual-listing strategy. The initial plan would involve listing Maya in the United States before pursuing a subsequent offering in the Philippines.

GCash IPO Raises Expectations for Maya

The PSE's interest in Maya comes after Mynt's record-breaking IPO generated ₱60.9 billion in proceeds, attracting both institutional and retail investors.

GCash's public debut also drew 20 cornerstone investors, including BlackRock Inc. and the International Finance Corp. The strong demand helped establish Mynt's market capitalization at approximately ₱442 billion, reinforcing investor interest in financial technology businesses.

For the Philippine stock market, the offering demonstrated how the country's growing reliance on digital payments and financial services could create new investment opportunities. Monzon sees the fintech sector as a potential driver of future capital market activity, particularly as more Filipinos adopt digital banking and cashless transactions.

GCash's performance could also give other fintech companies a clearer benchmark for assessing investor appetite, valuation expectations and the potential benefits of going public.

Maya Builds Its Case Through Banking and Payments

Although Maya has not matched GCash's reported monthly user base of 41.5 million, its financial performance and business operations provide a foundation for a possible IPO.

In 2025, Maya recorded its first annual profit in three years, earning ₱1.7 billion. Its deposit balance reached ₱86 billion as of June, while its loan portfolio expanded to ₱39 billion.

The company has also established a strong position in merchant payments. Maya accounts for 53% of point-of-sale terminals nationwide, according to the figures cited in the report, giving it a substantial presence in the infrastructure businesses use to accept electronic payments.

These operations distinguish Maya from a digital wallet focused primarily on consumer transactions. Its combination of banking, lending and merchant payment services gives investors several areas to evaluate when assessing its long-term growth prospects.

Valuation Remains a Key IPO Question

For Maya, the decision to list in the Philippines or abroad could influence how investors value the business. International markets may offer access to a broader investor base, while a Philippine listing could strengthen its connection to the domestic financial sector and provide local investors with direct exposure to its growth.

A dual listing could potentially serve both objectives, although its feasibility would depend on market conditions, regulatory requirements, investor priorities and the company's eventual offering structure.

The success of GCash has strengthened the case for fintech companies in the Philippine equities market, but Maya would still need to establish its own valuation and demonstrate that its earnings, deposits, loan growth and payment infrastructure can support sustained expansion.

The PSE's pursuit of Maya signals a broader ambition to bring more of the country's digital economy into the stock market. Whether that effort results in a domestic IPO, an overseas debut followed by a Philippine listing, or another arrangement will depend on negotiations among Maya's owners and the market opportunities available to them.