In short
- Maya is reportedly exploring a U.S. IPO that might increase as much as $1 billion.
- The corporate operates a licensed digital financial institution and in-app crypto buying and selling service.
- Observers say buyers will stability financial institution fundamentals with crypto compliance.
Maya, a Philippine digital financial institution whose platform features a regulated crypto buying and selling arm, is reportedly exploring a U.S. preliminary public providing of as much as $1 billion.
The corporate is presently working with advisers on the deal, in keeping with a Bloomberg report on Monday.
A U.S. venue might present entry to deeper swimming pools of capital and broaden its institutional investor base greater than native markets, notably as regional exchanges have seen restricted large-scale tech listings in recent times.
Maya operates beneath a digital banking license from the Bangko Sentral ng Pilipinas and presents financial savings accounts, client loans, funds, and service provider providers by means of its app.
Along with core banking providers, Maya gives in-app cryptocurrency buying and selling beneath a regulated digital asset service supplier framework. The corporate has not publicly disclosed how a lot income or transaction quantity its crypto section contributes to the broader enterprise.
Customers of Maya’s digital pockets and banking app have reported intermittent difficulties executing crypto trades, with some alleging that the platform’s “Purchase” and “Promote” buttons develop into disabled and “grayed out” for sure tokens in periods of sharp value will increase.
Maya didn’t instantly reply to a request for remark from Decrypt.
Belongings posting double-digit positive factors inside quick timeframes had been marked “briefly unavailable,” whereas much less risky cryptocurrencies remained tradable, in keeping with screenshots and accounts shared with Decrypt by a supply conversant in the matter.
The problems have prompted complaints from customers who stated they had been unable to enter or exit positions when wanted.
The potential transfer comes amid a step by step reopening window for expertise and fintech IPOs within the U.S., although investor scrutiny stays excessive.
U.S. IPO exercise confirmed indicators of restoration in 2025, with 202 listings elevating about $44 billion, marking a four-year excessive in deal rely, in keeping with information from Renaissance Capital. Globally, 1,293 IPOs raised roughly $171 billion final 12 months, a 39% year-over-year improve in proceeds, per EY information on international IPO developments, with U.S. markets contributing meaningfully to the rebound heading into 2026.
On the bottom
Native observers say the reported IPO raises questions on timing, governance, and the way U.S. buyers would assess a Philippine digital financial institution with crypto publicity.
A U.S. itemizing is “doable, however the timing shall be judged on whether or not the corporate can current a secure, bank-quality earnings story in a market that’s nonetheless selective,” Nathan Marasigan, Associate at Manila-based MLaw Workplace, advised Decrypt.
In the intervening time, buyers look like “rewarding predictability or a transparent profitability trajectory, disciplined threat administration, and governance, extra than simply pure development potential,” Marasigan stated, including that the timing might land nicely if “financial institution fundamentals are sturdy and the crypto part is clearly managed and non-disruptive to Maya’s core story.”
The crypto section might both help or complicate the IPO case, relying on how it’s ruled and disclosed, Marasigan added.
If crypto turns into a major income or development, “buyers will often apply extra warning as a result of crypto can convey greater volatility and a heavier regulatory highlight,” he stated.
Maya’s reported U.S. IPO seems as “purely a capital-market arbitrage alternative,” Paolo Lising, researcher at crypto-backed enterprise capital agency Sora Ventures, advised Decrypt.
“Whereas a U.S. itemizing can tackle Maya’s funding and liquidity points, the extra vital problem stays creating scalable, risk-aware monetary infrastructure within the Philippines,” he stated, including that “adoption is presently outpacing each monetary literacy and regulatory capability” within the nation.
Nonetheless, U.S. buyers are “unlikely to judge Maya in isolation,” as a substitute, they may more and more undertake a country-specific and regional lens that might examine the Philippines to its friends, he defined.
“Digital funds would be the central theme in crypto over the subsequent two years. A well-executed IPO that aligns product, infrastructure, and regulation has the potential to determine probably the most reliable on-ramp for the area,” he added.
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