Maya, a digital bank based in the Philippines, has been exploring the possibility of an initial public offering (IPO) in the United States. Sources indicate that this IPO could potentially raise between $500 million and $1 billion.
Maya is reportedly collaborating with various financial advisers to prepare for a possible listing as early as 2026, though the final details are still under discussion. The company has stated that it will not comment on market speculations and continues to concentrate on its expansion of digital financial services within the Philippines.
As of 2024, Maya’s digital bank boasted a customer base of 5.4 million individuals who received loan disbursements totaling $1.2 billion, according to data shared by the PLDT telecommunications provider that supports Maya. Additional shareholders include KKR, Tencent Holdings from China, and the World Bank’s International Finance Corporation.
Increasing Overseas Listings in Southeast Asia
Maya’s potential US IPO mirrors a larger trend among Southeast Asian firms considering overseas stock market listings as domestic markets struggle to match regional performance benchmarks.
In related news, GCash, another Philippines-based financial technology company, has delayed its initial public offering (IPO) until the second half of 2026. The Philippine Securities and Exchange Commission has announced plans to simplify certain IPO regulations with an aim to attract more substantial companies to list on the local stock exchange.
Development of Digital Banking in the Philippines
Maya operates digital payment and banking services, competing against entities like GCash, UnionBank, and traditional financial institutions. Its offerings include mobile wallets, consumer lending, and banking services tailored for both retail and business clients.
The digital banking sector in the Philippines is governed by licensing frameworks set forth by the Bangko Sentral ng Pilipinas (BSP). The central bank has issued licenses to six entities, including Maya, outlining regulatory standards for branchless banking operations.
PLDT supports Maya’s digital financial services through its network infrastructure and customer distribution networks. Financial metrics related to Maya are included in PLDT’s public communications aimed at investors.
KKR’s investment in Maya highlights the growing interest of private equity firms in financial technology companies with substantial user bases and significant lending growth within Southeast Asia. Tencent Holdings, known for operating WeChat Pay in China, has also invested in various financial technology ventures across the region, leveraging its extensive knowledge gained from Chinese market experience.
