Ayalas in no rush to list GCash amid ‘tech winter’

The mobile wallet of Globe Telecom Inc. on Monday is in no hurry to launch an initial public offering amid a challenging business environment.

GCash chief financial officer Tek Olano said the current conditions are not conducive for the company to proceed with plans to list on the stock exchange.

“I guess today you can consider the period as basically your tech winter, so it’s not actually the best time for an IPO,” Olano said.

“What we’re doing now is we’re really using the time to continue to focus on growing the business, making sure we create value for the customers, making sure we build the digital ecosystem that’s needed so when that time comes, we’ll be ready and we’ll be a very different company by then,” he added.

At end-September, GCash said it remains the number one financial app in the country with over 71 million users.

“Our GTV (gross transaction value) reached P4.8 trillion, surpassing the 2021 full year GTV of P3.8 trillion,” Olano said.

Olano said Gcash remains to be the number one financial app in the country, maintaining steady profitability.

Globe reported a 48 percent jump in its nine-month earnings to P26.5 billion as service revenues reached a record P118 billion.