Gcash rival Maya could be valued at P200B, set to become PH’s 5th largest private financial firm

January 27, 2025
8:46AM PHT

The veteran stock market analyst who accurately predicted GCash’s valuation surge in 2024 now believes competitor Maya, backed by PLDT Inc. and China’s Tencent, deserves a significant price upgrade.

Abacus Securities’ research head Nicky Franco said Maya’s looming potential profitability and its growth in online lending, thanks to its digital banking license, could double its value of about $1.4 billion from three years ago.

“We believe it will be between $3 billion and $3.5 billion on the back of momentum and leadership for its digital banking business,” Franco said in a recent report.

Entering the top 5

At $3.5 billion (P200 billion), Maya would be the country’s fifth-biggest financial institution, just behind GCash.

It would be larger than Sy-led China Bank Corp. (P187 billion) or the Aboitiz family’s Union Bank of the Philippines (P117.7 billion), which owns digital bank UnionDigital.

Nicky Franco 
Abacus Securities research head

Maya helps earn PLDT a buy rating 

Franco noted that despite years of losses, Maya’s valuation continued to climb, reflecting confidence in the vast potential of the Philippine unbanked market.

He said their most recent fundraising round in 2023 valued the company at $2 billion.

“At the time, they were still far from turning the corner. So today, being profitable, and also launching a virtual credit card which I think they can quickly scale up, Maya should be at $3 billion to $3.5 billion or maybe even higher,” he told InsiderPH.

PLDT, which is one of Franco’s stock picks in 2025, controls close to 40 percent of Maya, alongside affiliates like the First Pacific Group.

The telecommunications giant could potentially raise its holdings in Maya via the buyout of other selling investors but PLDT chair and CEO Manuel V. Pangilinan is said be weighing both buy and sell options as well. 

GCash proves huge foreign interest in PH fintech space 

In 2024, Franco said GCash’s parent company, Mynt, should be valued at $5 billion to $6 billion, marking a significant increase from its already substantial market capitalization.

Months later, Japanese strategic investors Mitsubishi UFJ Financial and Mitsubishi Corp. purchased a stake in GCash at $5 billion, making the payments giant the country’s fourth-largest financial institution.

Angelo Madrid
Maya Bank president 

Maya loans approach P100-billion mark

Last week, Maya reported that loan disbursements have reached P92 billion since 2022, with about 70 percent of borrowers living in areas outside Metro Manila, highlighting significant demand for financing in areas without access to traditional financial institutions.

“Outside Metro Manila is where the most transformation is happening,” said Angelo Madrid, Maya Bank president.

“The surge in savings and credit shows our platform’s impact on more Filipinos,” he said.

In terms of bank deposits, Maya said non-Metro Manila accounts comprised 67 percent of the total.

It also disclosed that active borrowers for Maya Easy Credit in non-Metro Manila regions surged 82 percent year-on-year, eclipsing the growth in Metro Manila of 64 percent.

Maya Easy Credit, a 30-day credit line, enables users to pay bills, purchase load, shop online or in-store, and transfer funds to their Maya Wallet when additional cash is needed.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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