BIZ BUZZ: After GCash, is Maya next?

With the market fixated on the blockbuster initial public offering (IPO) plans of GCash⁠, another fintech giant may eventually find its way to the local bourse.

According to Philippine Stock Exchange president and CEO Ramon Monzon, there has been no listing application yet from Pangilinan-led Maya⁠ despite persistent market chatter that the digital bank and e-wallet operator was preparing an offering.

Still, Monzon is keeping the faith.

Monzon recalled bumping into tycoon Manuel V. Pangilinan at an event, where the latter sought his help in getting Maya listed in the Philippines.

That conversation left Monzon convinced that Maya’s local shareholders remain committed to eventually bringing the fintech firm to the domestic market, even as earlier plans for an overseas listing appear to have hit snags.

His reading of the situation: if Maya pushes through with a foreign debut, the company could still end up pursuing a dual listing, with the Philippines serving as one of its trading venues.

For Monzon, the significance goes beyond fundraising proceeds.

GCash’s planned market debut would introduce what he described as the first real “tech” story on the local exchange — a departure from the usual mix of banks, property firms and conglomerates that dominate the market.

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Should Maya follow, it would become the second.

And that, Monzon hopes, could finally open the floodgates for more Philippine technology companies to test investor appetite on the local stock market.

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