By Dean Aubrey Caratiquet
In a showcase of resilience amid global headwinds, Tuesday marks a significant milestone in the domestic fintech and capital markets sectors as Mynt Inc. debuts on the Main Board of the Philippine Stock Exchange in Taguig City.
Expressing his support for the growth of the parent company behind GCash, President Ferdinand R. Marcos Jr. attended the listing ceremony that celebrates a new chapter in the company’s continuous growth.
The President went on to praise the timely initial public offering (IPO) debut of the fintech giant on the heels of investors exercising greater caution in pouring fresh capital into up-and-coming enterprises, creating a challenging environment for companies to enter the capital market.
“The strong interest it has attracted from local and international investors is proof of the continued confidence in Filipino enterprise. With an offering that could raise as much as P61 billion, this landmark IPO is an encouraging development for our capital market.”
President Marcos Jr. also welcomed the features introduced by the GCash app that make it a one-stop platform that goes beyond serving as a virtual wallet to include opportunities for borrowing loans, saving money through savings, and participating in the stock market through GStocks PH.
At this juncture, the President hailed how Mynt Inc. makes use of digital technology to make e-finance more accessible to Filipinos, noting how GCash has become a verb because it became synonymous with digital payments itself.
The Chief Executive concluded his remarks by reaffirming government support for the GCash parent company and other Filipino enterprises through initiatives such as improvements in the Ease of Doing Business policy and the Capital Markets Efficiency Promotion Act (CMEPA), which lowered the stock transaction tax from 0.6% to 0.1%.
GCash, an electronic wallet and payment application, is the Philippines’ top finance superapp used by approximately 94 million Filipinos and six million merchants and social sellers, available for use by Filipino GCash users in 200+ countries.
An affiliate of Ayala Corporation, GCash also operates Fuse Financing Inc., a tech-based microfinance company that provides Filipinos with accessible microloans and business loans integrated directly into the software itself.
Among the other companies under the portfolio of Mynt Inc. include Ryse Inc., BlockG Virtual Assets Inc., Sprynt Solutions Pte. Ltd., and Electronic Commerce Payments, Inc.
jpv
