Ready to launch: GCash listing seen to fund mobile loans

Globe aims to grow its mobile lending business by listing its e-wallet app, GCash, on the Philippine Stock Exchange at the right time.

Globe president and CEO Ernest Cu told Bloomberg News that the Ayala-owned firm is ready to take GCash public, though it is still timing the launch.

“The growth is there, profitability has been there for two years now. We wanna do it when market conditions are right,” he said. “No immediate need to go public but the company is prepared.”

Currently, Cu said the company’s governance structure is being finetuned, with the initial plan to list pushed back to end-2023. He clarified that the company has no hard target to speak of.

“One of the things we’re looking at is funding our lending business, which is doing very, very well with favorable NPL levels,” he said, referring to the ratio of soured loans from retail customers.