Philippine digital bank Maya has been considering a US initial public offering that may raise between USD 500 million and USD 1 billion, according to Bloomberg, citing people familiar with the matter.
The Philippines-based financial technology firm is reportedly working with advisers on a listing that may occur as early as 2026. Deliberations remain ongoing, with size and timing subject to change. Maya stated it does not comment on market speculation and is focused on expanding its digital financial services in the Philippines.
Maya's digital bank reported 5.4 million bank customers and disbursed USD 1.2 billion in loans in 2024, according to telecommunications provider PLDT, which supports the company. Additional investors include private equity firm KKR, Chinese technology company Tencent Holdings, and the World Bank's International Finance Corporation.
Southeast Asian firms seek overseas listings
Maya's potential US listing reflects a broader trend of Southeast Asian companies considering overseas exchanges as some domestic markets underperform regional benchmarks.
Philippine fintech GCash postponed its Manila IPO to the second half of 2026. The Philippines Securities and Exchange Commission announced plans to relax free-float requirements for IPOs, aiming to attract larger companies to list on the domestic stock exchange.
Digital banking growth in the Philippines
Maya operates digital payments and banking services in the Philippines, competing with GCash, UnionBank, and traditional financial institutions. The company provides mobile wallets, consumer lending, and banking services to retail and enterprise customers.
The Philippines digital banking sector operates under Bangko Sentral ng Pilipinas licensing frameworks. The central bank has issued digital bank licences to six institutions, including Maya, establishing regulatory parameters for branchless banking operations.
PLDT, Maya's telecommunications backer, provides network infrastructure and customer distribution supporting digital financial services adoption in the Philippines. The company reported Maya's financial metrics as part of its investor communications.
KKR's investment in Maya reflects private equity appetite for Southeast Asian financial technology companies with significant user bases and lending growth. Tencent Holdings has invested in financial technology companies across Asia, leveraging expertise from operating WeChat Pay in China.
