NEWLY LISTED Mynt, Inc., the financial technology company behind GCash, is seeking to increase revenue from its lending and investment products to match its payments business over the medium term.
Mynt Head of Capital Markets and Investor Relations Joseph Samuel Tang said the company’s payment solutions accounted for about 57% of total revenue in the first half of the year, with digital financial services, which include lending and investment offerings, contributing the remaining 43%.
“Now moving forward, the goal is to really see how digital financial services together with payment solution business contribute equally in the medium term,” Mr. Tang said during a briefing on Tuesday.
He said Mynt expects its credit technology business to be among its growth drivers as the company seeks to expand access to formal lending services.
“We have mentioned that our credit tech business will be one of the pillars for growth… About 50% of Filipinos remain unbanked, another statistic is that about 40% still rely on informal lending,” he said.
Mr. Tang said the company aims to reach consumers who currently rely on informal lending by expanding access to digital credit products through its platform.
Mynt operates the GCash electronic wallet through wholly owned subsidiary G-Xchange, Inc. and offers lending services through Fuse Financing, Inc.
The company is a partnership among Globe Telecom, Inc., Ayala Corp., and Singapore-based digital payments and financial technology provider Ant International.
Mr. Tang said Mynt is focused on sustaining the growth of its payment solutions and digital financial services businesses over the next five years.
The company is also seeking to expand its investment offerings as part of its efforts to increase participation in financial services.
GCash Commercial Head of Wealth Management Darvin Sy Su said financial literacy would remain among the company’s priorities, particularly for Filipinos who have limited access to formal financial services.
GCash said its investment offerings, including GStocks, GFunds, and GBonds, have reached more than 25 million accounts, while GStocks has onboarded about two million users.
Mr. Sy Su said between 10% and 12% of participating investors are newly registered users, while the majority are existing GCash users.
He said investment preferences vary across customer segments, with younger users showing greater interest in cryptocurrency, while other investors also place funds in stocks and bonds.
Mynt made its trading debut on the main board of the Philippine Stock Exchange on Tuesday following its initial public offering (IPO).
The company’s base offering comprised up to 8.03 billion common shares priced at P6.60 apiece, valued at approximately P53 billion.
The IPO also included an overallotment option of up to 1.20 billion additional secondary common shares.
Shares in Mynt closed unchanged at P6.60 apiece on their first trading day after reaching an intraday high of P6.76. — Ashley Erika O. Jose