FINANCIAL TECHNOLOGY (fintech) firm Maya Innovations Holdings, Pte. Ltd.’s planned initial public offering (IPO) in the Philippines this year is still on the table even as volatility has hit global markets amid the conflict in the Middle East, the top official of the bourse operator said.

“As far as the Maya listing is concerned, I think that is still on, I think it is happening by the third quarter. That is their plan,” Philippine Stock Exchange, Inc. (PSE) President and Chief Executive Officer Ramon S. Monzon said in a CNBC interview on Wednesday.

Maya Innovations, formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.

Maya Philippines is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider.

Meanwhile, Maya Bank is one of the six BSP-licensed digital banks in the country.

Last month, Maya Chairman Manuel V. Pangilinan said it is planning a dual listing for the fintech firm, aiming to list first in the US and then on the PSE by the second half of the year.

The listing is part of the company’s plan to raise new capital while also allowing existing investors to exit and enabling PLDT Inc. to keep its stake.

Maya’s existing shareholders include PLDT and First Pacific, which together hold 39.6%, as well as KKR & Co., Tencent Holdings, and the International Finance Corp.

For this year, the PSE expects four IPOs, which include those of electronic wallet platform GCash and PNB Holdings Corp.

“As for GCash, both the regulators — the PSE and SEC (Securities and Exchange Commission) — have come up with regulations that could make the IPO of GCash possible,” Mr. Monzon said in the same interview, referring to the SEC’s decision to ease minimum free float requirement for large listings. Under the Memorandum Circular No. 11 signed on Feb. 24, the SEC has introduced a tiered public ownership framework.

“I think [what] our market will be watching out is the duration of the conflict in the Middle East…  I think, maybe for all markets, this Iran conflict, markets can recover and damage is transitory, but if the conflict prolongs, all bets are off.”

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

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