GCash, the e-wallet platform of the Ayala Group’s Globe Telecom, is gearing up to turbocharge its thriving lending operations through the infusion of capital from its highly anticipated initial public offering (IPO).
Ernest Cu, the president and CEO of Globe, revealed in an interview with Bloomberg News that while concrete figures for the IPO have yet to be determined, the proceeds will serve as a catalyst to fuel the lending business.
Cu underscored the resounding success of the lending division, highlighting its impressive performance in terms of non-performing loan levels and the widespread adoption of GScore, a comprehensive credit scoring system employed by GCash.
Known as GLoan, the lending service enables pre-qualified users to access loans repayable over various periods—five, nine, or 12 months—without any onerous prerequisites.
One of GLoan’s standout features is its provision of low-cost and hassle-free payment options, underpinned by GCash’s proprietary trust platform, GScore, which meticulously evaluates borrowers’ repayment capabilities.
Cu said that the timing of the GCash IPO will be carefully chosen to align with favorable market conditions, while also expressing the company’s preparedness to embark on this significant milestone.
“No push, no immediate need to go public, but the company is prepared,” he said.
In a regulatory filing, Globe Telecom articulated its strategic vision of attaining a “push-button-ready” state, primed to seize the right opportunity.
The company’s unwavering focus on expansion aims to deliver enhanced value to its growing customer base and consolidate GCash’s position as the preeminent and most trusted platform, dedicated to spearheading financial inclusion.
“We are focused on growth to create more value for our customers and make GCash the safest and most trusted platform championing financial inclusion,” Globe said.