SCUTTLEBUTT

GCash intent on IPO

The recent move by Globe Fintech Innovations Inc. (Mynt), the parent company of mobile e-wallet GCash, for a stock split indicates that the long-awaited initial public offering of the Globe affiliate will be forthcoming and will be inclusive.

The stock split reduces the par value of Mynt’s common shares from P1 to P0.03 per share, increasing the number of authorized common shares from 2,149,773,612 to 71,659,120,400, while maintaining the authorized capital stock at P2.149 trillion. The move, pending approval from the Securities and Exchange Commission, is expected to enhance share liquidity and affordability in preparation for the IPO, anticipated for late 2025 or 2026.

The IPO will mark a milestone for the fintech sector, potentially valuing Mynt at P400 billion or more and setting a precedent for other tech firms in the region.

GCash shareholders, including Globe Telecom, Ayala Corp., Ant Group, and 917 Ventures, will see their shareholdings multiplied by approximately 33.33 based on the plan, with no change in their proportional ownership or the company’s total equity value.

The lower par value may enhance the attractiveness of their holdings in a future IPO, as shares become more liquid and marketable.

Virtual stick up

Nosey Tarsee related that a family billeted in a high-profile casino resort got scammed big time using the facility’s Wi-Fi service.

The experience highlighted the dangers of unsecured networks. It’s unclear whether he discovered the issue during his stay or after leaving, but hackers drained all his bank accounts, leaving them with a zero balance. Even his credit cards were compromised and used fraudulently.

When the victim reported the incident to the National Bureau of Investigation (NBI), authorities traced the hack to a cell site in Pasay City, with connections leading back to Cavite, where illegal Philippine Offshore Gaming Operators (POGOs) were suspected to be operating. The breach occurred because his banking apps were accessed through his phone while it was connected to an unsecured Wi-Fi network.

The consequences were devastating. The victim, overwhelmed by the financial loss, nearly took his own life.

To make matters worse, he began receiving threatening emails demanding ransom in exchange for deleting his stolen personal information.

The hackers had obtained sensitive details, including his address and family information, and threatened to sell his identity to cryptocurrency-fueled cybercrime syndicates if he didn’t comply.

Despite his efforts to seek help, the victim feels abandoned by a government he perceives as inefficient and unresponsive.

His story serves as a stark reminder of the risks associated with public Wi-Fi networks, particularly for sensitive activities such as online banking.

To safeguard your financial and personal information, avoid using public Wi-Fi networks in places like malls, hotels, restaurants, or cafés for banking or money transfers.

Such a disaster can be avoided by using personal mobile data for secure transactions.