MANILA, Philippines — Mynt Inc., the parent firm of e-wallet giant GCash, has acknowledged its exposure to risks in the licensed online gaming industry as the company prepares for what could be the country’s biggest initial public offering (IPO) later this year.
Mynt said the regulatory environment surrounding licensed online gaming remains dynamic and uncertain, with government regulators actively studying and proposing policies to limit access to online gaming and impose stricter controls on the sector.
Operating as a digital payments platform, Mynt said one of the key functions of the GCash app is to process payments between users and merchants, including those in the licensed online gaming sector.
“We are therefore exposed to the regulatory and political risks associated with the licensed online gaming industry,” the company said in its draft preliminary prospectus.
The company said a portion of its payment solutions revenue is attributable to transactions connected with licensed online gaming.
In compliance with the Bangko Sentral ng Pilipinas’ directive in August last year requiring all BSP-supervised institutions to remove links that provide in-app gambling access from their respective mobile payment apps and websites, Mynt suspended access to in-app gaming features via the GLife platform in the GCash app.
Mynt said the move resulted in a decline in its payment solutions adjusted revenues in the third and fourth quarters of 2025, as well as in the first quarter of 2026, as certain products in its payment solutions business were impacted and ceased generating revenue from licensed online gaming merchants.
Notwithstanding the decline in the revenue contribution of the licensed online gaming sector to its payment solutions business after Aug. 16, 2025, Mynt said a portion of its payment solutions adjusted revenues continues to come from payment processing services used by licensed online gaming operators.
Mynt said it believes that the growth trajectory of its payment solutions business, combined with strategic diversification into other emerging business units, will help offset the mid- to long-term impact of further regulatory restrictions and negative public sentiment toward licensed online gaming.
However, it said heightened regulatory scrutiny, evolving legislation and negative public sentiment present substantial risks that could lead to decreased transaction volumes and a decline in revenue and net profit.
“There can be no assurance that ongoing and future changes in regulatory policies and public sentiment toward licensed online gaming in the Philippines will not result in decreased transaction volumes, decline in revenue and net profit, increased operating expenses and compliance costs, reputational challenges, and other operational difficulties, each of which could materially and adversely affect our financial condition, results of operations, or prospects,” Mynt said.
Mynt has submitted its registration statement to the Securities and Exchange Commission and its application for listing on the main board of the Philippine Stock Exchange for its proposed IPO, which is targeted for the fourth quarter of the year.
The proposed offering is expected to consist of up to 8.03 billion common shares with an overallotment option of up to 1.2 billion secondary common shares.
At an offer price of up to P10 per share, the proposed offering is expected to raise gross proceeds of up to P92.3 billion, assuming full exercise of the overallotment option.
The final offer price, however, will be determined through a book-building process.