The Philippine fintech sector’s blockchain capabilities are emerging as a decisive competitive advantage as two of the country’s most prominent digital financial platforms pursue public listings. Maya, a digital bank holding a Virtual Asset Service Provider license from the Bangko Sentral ng Pilipinas, is evaluating a US initial public offering that could raise up to $1 billion and value the company at $10 billion.
Maya’s Blockchain-Enabled IPO Strategy
Maya’s distinction lies in its regulatory positioning. The company holds a digital banking license from the BSP and operates under the VASP framework, allowing it to provide native crypto trading, settlement, and custody services within its app. This integrated model—combining traditional banking services with regulated digital asset capabilities—represents a novel proposition for public market investors.
The company’s timing reflects broader momentum in Philippine digital assets. GoTyme Bank, a joint venture between Gokongwei Group and Tyme Group, partnered with Alpaca in December 2025 to launch crypto investment features, demonstrating that blockchain integration is becoming a competitive necessity rather than a differentiator.
GCash’s Philippine Stock Exchange Ambitions
While Maya evaluates US listing options, competitor GCash is preparing for an initial public offering on the Philippine Stock Exchange. GCash’s blockchain strategy has centered on partnerships rather than native development. Its collaboration with PDAX on GCrypto provides tokenized investment products to its massive user base, including the tokenized government bonds that have achieved substantial adoption.
The contrast between Maya’s US IPO path and GCash’s PSE listing highlights different strategic assessments of where blockchain-ready fintechs can maximize valuation. Maya’s US listing would position it alongside global crypto-integrating financial platforms, while GCash’s PSE listing would make it a benchmark for blockchain-enabled financial services in the Philippine public market.
VASP Licensing as Competitive Moat
Both companies benefit from the BSP’s VASP licensing framework established under Circular No. 1108. A VASP with safekeeping and administration services for virtual assets requires minimum paid-in capital of ₱50 million, while those without custody services need ₱10 million. The licensing process involves evaluation of fitness and propriety of beneficial owners and ongoing compliance with anti-money laundering, cybersecurity, and consumer protection requirements.
The BSP’s proposed 12-month freeze on new payment operator registrations would further entrench the competitive positions of already-licensed entities. Under the proposal, existing registered operators would continue operating while new applicants face extended waits.
Blockchain Infrastructure Investments by Listed Companies
Beyond fintech, traditional Philippine corporations are making blockchain infrastructure investments that could affect their public market valuations. IPS unit InfiniVAN established Centimo Ventures Inc. with 100 million Philippine pesos in capital to develop blockchain-based payment and financial platforms. Zetrix AI signed a preliminary agreement with the Philippine government to develop public blockchain infrastructure.
Market Implications for Investors
The emergence of blockchain-ready public companies creates new considerations for equity investors. Maya’s crypto trading revenue and transaction volumes, while not publicly disclosed, represent a segment that could command premium valuations in US markets where crypto-integrated financial platforms have achieved significant market capitalizations.
For the Philippine Stock Exchange, GCash’s potential listing would create the first major blockchain-enabled financial services company on the local exchange, potentially catalyzing similar listings and increasing the tech sector’s weight in the index. The PSEi’s decline to 5,679.48 points in late September 2026 reflects broader economic concerns, but the pipeline of blockchain-ready IPO candidates suggests the exchange could benefit from structural shifts in the financial sector.
The IPO trajectories of Maya and GCash will serve as critical test cases for whether blockchain capabilities command valuation premiums in public markets. Their outcomes will influence how other Philippine financial institutions assess the strategic value of VASP licensing and blockchain infrastructure investment.
