GCash operator Mynt authorises a Manila IPO that could top $1bn
Mynt, the fintech group that operates the Philippines' dominant e-wallet GCash, said on 17 June that its board of directors and shareholders have authorised the filing of a registration statement with the Philippine Securities and Exchange Commission and a listing application with the Philippine Stock Exchange for a potential initial public offering. The offer would represent 12.0% of Mynt's total outstanding capital stock post-IPO, comprising both primary and secondary shares with a par value of P0.03 per share.
Reports peg the target raise at $1bn to $1.5bn and an implied valuation of as much as $9bn, with the company intending to list in the second half of 2026 — potentially by the fourth quarter. The 12.0% float leans on a recent rule change in which the SEC and PSE lowered the minimum public float from 20% to 15%, with a carve-out allowing exceptionally large listings to go as low as 12.0%. Mynt's register includes Globe Telecom (backed by Ayala), Singapore's Singtel, China's Ant Group and Japan's MUFG.
BitGo Singapore becomes the regulated custody layer behind dtcpay
BitGo Singapore, the MAS-licensed major payment institution subsidiary of BitGo Holdings, announced on 17 June a partnership with digital-payments firm dtcpay under which dtcpay will run on BitGo Singapore's custody and digital-asset infrastructure. BitGo Singapore holds Monetary Authority of Singapore approvals for Digital Payment Token services and cross-border money transfer; the tie-up lets dtcpay strengthen asset security and operational capacity as it expands its payment network across regulated markets.
"This collaboration reflects our shared commitment to building trusted foundations for the future of finance," said Angela Ang, managing director of BitGo Singapore. dtcpay chief executive Alice Liu called the regulated infrastructure "the ideal foundation" to scale the firm's global payment network.
Indonesia's P2P lenders buckle as SME defaults mount
Two of Indonesia's peer-to-peer lending platforms are under acute strain, according to reporting this week. Akseleran, which connects retail and institutional lenders with SME borrowers, has recovered just Rp3.4 billion against Rp178.3 billion (about US$10.8 million) of outstanding funding tied to six defaulted corporate borrowers — a recovery rate of roughly 1.9% over seven months — and has halted new financing on its platform amid mounting frustration from retail lenders.
AwanTunai, separately, is winding down a significant portion of its unsecured SME lending business and has permanently discontinued an unsecured financing line focused on fast-moving consumer goods. The firm has asked several senior executives to resign voluntarily as part of cost cuts; its restructuring follows exposure to loans linked to PT Rukun Mitra Sejati, which is under fraud investigation. Platforms including KoinWorks and CROWDE remain locked in unresolved defaults with no clear resolution timeline.
Eyes on the Day Ahead
Watch for Mynt's formal registration statement to hit the Philippine SEC, which will firm up the offer size, price range and primary/secondary split that the 17 June board authorisation only sketched. In Indonesia, any OJK statement on the Akseleran and AwanTunai situations — or fresh disclosure on recovery progress — would signal how hard the regulator intends to lean on the P2P sector. Both are likely to develop over the coming days rather than the next 24 hours.
Layer 7 Ventures is a research-driven firm focused on AI and cryptocurrency in Southeast Asia. Views expressed are those of the firm and do not constitute investment advice.
