After GCash's record IPO, the PSE wants Maya next, but Tencent and KKR may prefer New York

Is Maya going public? The Philippine Stock Exchange certainly hopes so. Fresh from hosting GCash's record listing, PSE president and chief executive Ramon Monzon said the exchange is now working to bring digital bank Maya to market. "We have to work on Maya now that GCash is listed," he told reporters, as reported by Philstar.

There is a catch. Maya's parent, PLDT, wants the listing in Manila, but its foreign backers, China's Tencent and New York based KKR, may prefer to list abroad to achieve a higher valuation. That tension, between national pride and investor returns, will decide where one of Southeast Asia's most important fintech listings happens, and it says a lot about the limits of local capital markets in the region.

What the PSE said about Maya

Monzon was blunt about the exchange's ambitions. He said Maya is ripe for a listing because of the maturity of its market, and that PLDT wants the bank to pursue its IPO in the Philippines. But he acknowledged that Maya's foreign shareholders may see it differently. "Actually, MVP (Pangilinan) wants to list here, but I think their private equity firms want to list abroad, I guess, for the valuation," he said.

That is why PLDT chairman, president and chief executive Manuel V. Pangilinan is considering a dual listing in the United States and the Philippines, according to Philstar. The initial plan would be for Maya to list in the United States first, followed by an IPO in Manila. No timetable has been announced.

The PSE's push is understandable. Large, well known companies attract investors to the whole market, and the Philippine exchange has long struggled with thin trading and few big new listings. Losing Maya to New York would be a blow just as GCash showed what is possible at home.

What GCash proved

GCash's parent, Mynt, raised a record 60.9 billion pesos in its IPO and debuted with a market capitalisation of about 442 billion pesos, as reported by Rappler. It drew 20 cornerstone investors, including BlackRock and the International Finance Corporation, and both institutional and retail investors bought in. We covered the debut in our report on GCash's listing day.

Monzon said GCash shows investors see financial technology as a potential driver of the capital market, given the country's digital shift. But the stock ended its first day roughly flat, a reminder that record proceeds do not guarantee immediate gains and that valuation discipline matters.

A record IPO at home proves local demand exists. Whether it is enough to keep the next unicorn from flying to New York is a different question.

Scale is the other difference. GCash has about 41.5 million monthly users, far more than Maya, which has built its strength in digital banking, savings and merchant payments rather than sheer user numbers.

Why foreign investors prefer New York

Valuation is the main reason. US markets offer deeper pools of technology focused investors, more analyst coverage and, often, higher price to earnings multiples for fintech companies than smaller emerging markets. Private equity and strategic investors such as KKR and Tencent want to maximise the value of their stakes when they eventually sell, and a higher valuation in New York directly benefits them.

Liquidity matters too. Large investors want to be able to buy and sell shares easily without moving the price, which is harder in a market with lower daily trading volumes. A US listing can also raise a company's international profile, helping with partnerships and future fundraising.

The counter argument is that a Manila listing gives Filipino investors access to a homegrown fintech success story and strengthens the local market. GCash's strong local demand suggests Philippine investors are willing to pay for quality fintech assets. The key factors in Maya's decision include:

• Valuation differences between US and Philippine markets
• The preferences of Tencent, KKR and other shareholders
• PLDT's strategic goals and national considerations
• Liquidity and index inclusion opportunities in each market
• Regulatory requirements for a digital bank listing in two jurisdictions

What it means for Southeast Asian fintech

Maya's decision will be watched across the region. Sea is considering a listing for its fintech arm Monee, as we covered in our report on Sea's Monee IPO plan, and other digital banks and payment firms are weighing their options. Each faces the same choice between home markets that want national champions and global markets that may pay more.

Regional exchanges are trying to compete. The Singapore Exchange and the Philippine Stock Exchange have been deepening links on depository receipts and market access, which could give companies a way to reach more investors without leaving the region.

For Filipino investors, the best outcome may be a dual listing that lets them buy Maya at home while the company also taps US capital. For the PSE, the worst outcome would be watching Maya list only in New York, just weeks after GCash showed that Manila can handle a blockbuster deal.

Maya's IPO debate captures a dilemma facing Southeast Asian fintech: list at home and support local markets, or list abroad and chase a higher valuation. GCash's record deal has strengthened Manila's case, but Maya's foreign backers hold real influence. A dual listing may be the compromise that lets both sides claim victory.