‘Naysayers won’t take away GCash’s very exciting story’

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September 25, 2026 | 12:00am

MANILA, Philippines —  Ayala president and CEO Cezar Consing has allayed concerns over Mynt Inc.’s upcoming blockbuster initial public offering (IPO), saying critics won’t be able to undermine  GCash’s “very exciting story.”

“I don’t think it’s a concern. I think they’re wrong,” Consing said in an interview with ANC when asked about those calling the GCash IPO more of a liquidation or an exit IPO.

“The fact is people knew that there would be sellers in this IPO. There are private equity firms. There are shareholders that have been in Mynt from the very early days. They want liquidity. They want to sell,” he said.

Selling shareholders in the IPO, as listed in the company’s preliminary prospectus, are Advanced New Technologies (Singapore) Holding Pte. Ltd., ASP Philippines LP, Lion Fintech Investments Pte. Ltd., Insight PHP Holdings Ltd., LGVP, LP, LGVP GCA LLC and LGVP IVY (Investments) LLC.

It also includes individual selling shareholders Alberto Curnelius Trinidad, Anthony Isidro, Maria Corazon Alvarez Adriano, Martha Sazon, Oscar Enrico Reyes Jr., Robert Conrad Gonzales and Winsley Royce Bangit.

“What we have is potentially a very exciting story. Now, there might be some people that, you know, might be some naysayers, but that doesn’t take away what is overall an amazingly exciting story,” he said.

Eric Jurado, hedge fund manager for the SeA (Southeast Asia) Focus Portfolio, said one of the most attractive aspects of GCash is that it has already built something that would be difficult and expensive to replicate from scratch.

As of June 2026, GCash parent company Mynt reported 41.5 million monthly active users – equivalent to nearly 56 percent of the Philippine adult population – something a new entrant in the Philippines’ competitive fintech space would find hard to replicate.

Jurado said Mynt’s IPO success depends less on first-day trading pops and more on whether GCash can sustain its “go deep and go wide” strategy.

“Go deep by increasing engagement and the number of financial services each customer uses. Go wide by bringing more Filipinos, including those overseas, consumers, merchants and businesses into the ecosystem,” Jurado said.

“That means execution matters. Competition matters. Credit quality matters. Regulation matters. And, perhaps most importantly, earnings growth matters. It is about whether one of the Philippines’ most successful digital platforms can continue turning its enormous user base into a long-term earnings-compounding machine,” he said.