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Elyssa Lopez · · 3 min readGlobe banks on GCash, data centers as new CEO takes charge
Carl Raymond Cruz, the newly appointed chief executive of Globe Telecom, said a listing for its e-wallet GCash may be on the horizon, though no formal proposals have been made for a stock market debut in its home market, the Philippines.
“It could happen this year, it can happen next year. It really depends,” he told Tech in Asia in an interview during his first meeting with Globe shareholders today.
The former CEO of Airtel Nigeria is replacing Ernest Cu, who took the helm of Globe in 2009. Amid a global crisis and the impending dominance of smartphones, Cu transformed the telecommunications giant not just into a leading mobile data provider in the country but also into a tech-driven business.
Under Cu’s leadership, Globe launched Kickstart Ventures, its corporate VC arm, which has US$ 255 million worth of assets under management. Globe also began its data center operations and expanded GCash into the top e-wallet service in the country during his 16-year tenure.
As the new CEO, Cruz is tasked with steering Globe through the AI era, after it posted a revenue of 165 billion pesos (US$2.9 billion) in 2024 – a record high.
Globe CEO Carl Raymond Cruz / Photo credit: Globe
Beyond its core voice and broadband services, Globe is betting on two tech-driven growth engines: GCash and its joint venture with ST Telemedia Global Data Centres (STT GDC).
In 2024, Globe derived 12% of its pre-tax net income from its equity stake in GCash. The company owns 36% of Globe Fintech Innovations Inc. (Mynt), the e-wallet’s parent company.
GCash has become a major moneymaker for the listed telecom in the post-pandemic era. Last year, it was valued at US$5 billion after Ayala Corporation, Globe’s parent firm, sold a stake in the startup to Japanese conglomerate Mitsubishi Corp.
At its stockholders’ meeting earlier today, Globe reported that 8 in 10 Filipinos now use the e-wallet – that’s roughly 94 million users in a country of 110 million.
As early as 2023, Globe had announced plans for GCash’s public listing. However, the volatile macroeconomic environment in the Philippines and across Southeast Asia has repeatedly delayed the IPO.
Ernest Cu, Globe’s former CEO and president, at Tech in Asia Conference 2024 / Photo credit: Tech in Asia
The tariff wars triggered by the US have added uncertainty to long-term planning, says Juan Carlo C. Puno, Globe’s chief financial officer.
Data centers: the next big payout?
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The Filipino telco giant has tapped Airtel Nigeria’s ex-CEO to sustain a record revenue run that began under longtime chief Ernest Cu.
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