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Ant-Backed Philippine Unicorn Will Expand in Fintech Before IPO

  • Operator of payment app GCash entering crypto, stocks trading
  • GCash saw $73 billion in gross annual transactions last year
A customer adds credit to his mobile phone by using Globe Telecom’s GCash top-up machine in Metro Manila.
A customer adds credit to his mobile phone by using Globe Telecom’s GCash top-up machine in Metro Manila.Photographer: Veejay Villafranca/Bloomberg

A Philippine fintech venture, whose flagship GCash payment platform clocked almost $73 billion in gross transactions last year, will consider an initial public offering only after expanding its services.

Globe Fintech Innovations Inc., a unit of wireless carrier Globe Telecom Inc., is seeking to include crypto currency and stock trading in its bouquet of services besides loans, investment and insurance it introduced in the past two years, Ernest Cu, the CEO of the parent said in an interview. The arm, also known as Mynt, already allows money transfers and online betting on cockfights.