GCash targets to go public in H2

MANILA, Philippines — E-wallet leader GCash is preparing to offer its shares to the public in the second half of the year as it pushes on with its aggressive expansion to sustain its leadership in financial technology.

GCash plans to accomplish its target of going public within the year to become the first e-wallet listed at the Philippine Stock Exchange.

Owned by Mynt (Globe Fintech Innovations Inc.) and operated by G-Xchange, GCash is the leading finance app in the Philippines with a portfolio of financial services ranging from cash transfer to instant loans.

G-Xchange Inc. president and CEO Oscar Reyes Jr. told reporters the company is preparing to make an initial public offering (IPO) this year as it deems the market is close to making a full recovery.

“We are preparing internally so that we can be ready this year. It is a question of the market, not of GCash, as the market has yet to rebound fully,” Reyes said.

“From how it looks, the market doesn’t look hopeful right now. I think we are waiting for that to recover. Hopefully, the market will be ready by the second half.”

The Cabinet-level Development Budget Coordination Committee expects the economy to grow by 6.5 to 7.5 percent this year, enough to propel the Philippines into one of the best performing countries in Asia-Pacific.

On top of going public, GCash will embark on a global expansion this year that would make the e-wallet available in the Middle East, home to millions of overseas Filipino workers (OFWs).

Reyes said GCash would be launched in the Middle East within the first quarter, aiming to become as an alternative remittance channel for OFWs by offering a free way to send money home through the same platform.

Further, OFWs can start paying the bills of their families themselves via GCash to make sure that their hard-earned money is spent the right way. They can also use GCash to save money for the future, as the app hosts safe and secured investment opportunities.

GCash is now a preferred remittance platform by OFWs in Hong Kong, where it accounts for about half of the cash sent home.