GCash goes cross-border, eyes 'biggest IPO' title

It aims for full launch and expansion into 10 markets in 2024.

- Frances Gagua

The golden question that GCash is facing right now is this: when's the IPO happening? G-Xchange CEO and President Ren-Ren Reyes told Asian Banking & Finance that the Philippines' largest mobile wallet and digital payments app is just waiting for the right moment, eyeing to become one of the country's largest IPOs in history.

"We want Filipinos to participate in our IPO, whether to invest in GCash, or at least be proud that the brand they use every day is now one of the biggest IPOs in the country," he said. Even without the IPO, GCash already has quite a lot to be proud of: it now has over 75 million active users, expanding from the 60 million it had in May 2022.

GCash has also issued 13.5 million insurance policies, and 9.1 million users are actively registered in GSave. Most recently, they also launched GSave and GCrypto.

But GCash's ambitions for 2024 far exceed just going public and getting listed in the stock exchange, with Reyes sharing overseas and local expansions on the horizon.

Going cross-border