MANILA - E-wallet GCash on Friday said it has no plans to go public just yet as it focuses on growing its suite of services.
GCash currently has over 60 million registered users and is offering financial services such as savings, credit, loans, insurance, and "buy now, pay later" with its partners, even without a digital banking license.
"We’re focused more on growing the business [and] use cases. No plans [for IPO] at the moment. Our focus gives us the opportunity to launch many services," GCash operator Mynt's president and CEO Martha Sazon said during Globe Telecom's first quarter briefing.
"If you look at the market also, the space is quite discounted given what’s happening globally. It’s really not a good time for IPO. In the meantime for us, there’s a lot of growth for us," she added.
Mynt has partnered with several firms to launch financial services, including Atram and BPI for investment products, Singlife for insurance, and CIMB for savings and deposits, among others.
RACE FOR HIGHEST INTEREST RATES
Its rival PayMaya rebranded as Maya as it launched its digital bank, Maya Bank.
With Maya Bank launch comes a more competitive e-wallet savings deposit's interest rate of 6 percent. Another digital bank, Tonik, also offers up to 6 percent interest for time deposits.
But Globe Telecom President and CEO Ernest Cu said a digital banking license was not a "silver bullet" that could propel a fintech firm to success.
"Having a digital bank doesn’t mean success, it's not a silver bullet… I'm sure the GCash team will continue to be evolving the product, whether be it lending, investment insurance, and so on," Cu said.
GCash said it would start to offer up to 7 percent interest rates for new deposit accounts on the app with its partner CIMB. Once rolled out, it would be the highest offered by a wallet or a digital bank in the country.
"It will take effect on May 10, Tuesday," Sazon said.
No other details were disclosed on how the new rate would be implemented.
Mynt earlier raised over $300 million in funding, which it said was partly used to boost its lending services.
When asked when it would roll out more crypto services, Sazon said "we’re making sure that the services we provide in the crypto space are relevant ones." She did not say when it would be available on the platform.
Cu said GCash's growth is part of the result of Globe's effort to shift beyond telecom services to other digital platforms.