Globe Telecom Inc. is considering an initial public offering (IPO) for Globe Fintech InnovationInc (Mynt) which operates mobile wallet service GCash to raise funds for the expansion of the company.
“When it comes to IPO (for GCash), just like any other company, there is perfect timing for that one; so we’ll see, I’m sure maybe soon,” Vince Yamat, 917Ventures managing director, said during a virtual event.
Currently, GCash has 40 million users who send money and pay for goods and services online, and empowers small businesses to survive and thrive through cashless solutions.
GCash also continues to innovate through easy access to financial services with several features, including GLife, to access mini-apps to shop, eat and play, and to help businesses save cost from building their own apps; GInvest, to participate in high yielding investments for as low as P50; GInsure, a life and health insurance for as low as P39; GSave, for the best savings rate in the country with no minimum balance required; and GCredit, the first digital credit model and mobile credit line in the Philippines.
Meanwhile, 917Ventures’ digital incubator has enabled consumers and businesses to thrive through companies like GCash, KonsultaMD, HealthNow, RUSH, AdSpark and PureGo.
Yamat said the company intends to partner with other firms to further expand its business and services.
“917Ventures’ primary purpose is to build our own company but we’re not discounting working with other companies as well. We like working with partners that we can leverage on contributing,” he said.
917Ventures’ healthtech platforms are KonsultaMD and HealthNow. Consultations made through KonsultaMD skyrocketed by 461 percent in 2020 compared to the previous year, the company said.
For B2B markets, the company said AdSpark and RUSH help accelerate the digital footprint of brands through digital advertising solutions, customer engagement, loyalty and rewards programs, giving added value to businesses and their customers.
RUSH offers digital innovations in customer loyalty and retention, made accessible through easy-to-use programs to help businesses grow in the digital space. It recently expanded its services to include an ecommerce platform to help digitize merchant stores.
“We know how tough our battle against this pandemic is, and we are all at risk, especially those who need to be physically present in their jobs. So we continue to reinvent lifestyle and movement through different products and services in the areas of health, e-commerce, financial technology, and advertising technology that deliver indelible value to consumers and businesses,” said Yamat.
917Ventures was incorporated as a holding company for Globe Capital Venture Holdings lnc., an investing and holding company primarily engaged in purchasing, subscribing, owning, holding, assigning real and personal property, shares of stock and other securities. – Myla Iglesias
