Mynt CEO Martha Sazon champions 'borrow with dignity' at UN ahead of record IPO

Mynt president and CEO Martha Sazon called for Filipinos to be allowed to "borrow with dignity" during the UN Global Compact Leaders Summit on 23 September, placing financial empowerment at the center of the company's global narrative as the parent of GCash prepares for what could become the largest initial public offering in Philippine history.

Sazon presented the Philippine experience in digital financial inclusion to an audience of global business and financial leaders discussing how capital and markets can be used to build more inclusive economies.

The appearance coincided with Mynt disclosing commitments from more than 20 global and domestic cornerstone investors for its planned IPO, including institutions such as BlackRock-managed funds, Capital Research and Management Company, T. Rowe Price entities, HSBC Global Asset Management, International Finance Corporation and Lazard Asset Management.

The cornerstone commitments amount to about P36.5 billion and are expected to cover approximately the entire institutional offer tranche, subject to allocation, according to Mynt and a preliminary prospectus reported by Reuters.

At the summit, Sazon framed the challenge not simply as giving people access to money, but as recognizing their capacity to participate meaningfully in the financial system.

"When people are seen, they can be trusted. And when they are trusted, they can be empowered," Sazon said.

She said financial inclusion must go beyond access and ensure that Filipinos are treated fairly and allowed to "borrow with dignity," noting that GCash has reached more than 11 million borrowers, many from underserved communities, with women accounting for about half of them.

Sazon pointed to a continuing gap in formal credit access in the Philippines, citing formal borrowing penetration of only 12 percent and saying about 40 percent of Filipinos rely on informal sources of financing.

The issue is tied to financial literacy. In July, the Securities and Exchange Commission, Mynt and lending arm Fuse Financing entered into a partnership to promote financial literacy, consumer protection, responsible borrowing and the identification of financial scams.

The same principle of broader access extends to the capital market as Mynt approaches its IPO.

The Philippine Stock Exchange (PSE) said GCash users will be able to access IPO subscriptions through GStocks, potentially opening another pathway for retail participation in the equities market.

PSE president and CEO Ramon Monzon said the listing could result in an increase in new retail investors.

The upcoming IPO will offer up to 8.03 billion shares at a price of up to P10 per share, with an overallotment option of up to 1.20 billion additional secondary shares.

The offer period is scheduled for 6 to 12 October, with the final price expected to be determined on 1 October and tentative trading on the PSE on 20 October.

At the top of the indicative price range, the offering could raise as much as P80.3 billion, while the overallotment could bring the potential transaction size to about P92.3 billion, according to the preliminary prospectus.

Primary proceeds will support the expansion of Mynt’s digital financial services business, product development and general corporate purposes.

Sazon described the broader corporate objective as "Finance for All," aiming to transform the nation "one Filipino, one story at a time."