Maya: from startup to stock star?

Welcome to the Opening Bell 🔔! Delivered every other Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. Get it in your email inbox by registering here.

Hello reader,

Cash is definitely not king in India anymore. More than 50% of shoppers in the country use digital wallets to shop.

I personally use digital platforms for various activities, such as booking cabs, making investments, and paying salaries to my help at home. It has made life much more convenient.

A similar trend is unfolding in the Philippines, where even small mom and pop stores now accept digital payments.

In the Big Story this week, my colleague Miguel dives into the finances of digital bank Maya, one of the biggest catalysts for the digital transition in the country’s payments space. The company posted a 30% revenue increase in 2023 compared to 2022.

With its improving performance metrics, Maya appears to be a strong candidate for an IPO.

However, Manny Pangilinan, the chairman of telecom operator PLDT and a key figure behind Maya, believes there is still considerable work to be done. He suggests that dreaming of an IPO for Maya within the next two years is “simply an illusion.”

Interestingly, the term maya translates to illusion in Hindi, adding an ironic twist to this perspective.

— Samreen

---

THE BIG STORY

Solid 2023 numbers may propel Maya’s IPO plans
However, much like its Philippine fintech peer GCash, Maya is still biding its time for a potential listing.

---

3 Trends to keep an eye on

Hot stocks, earnings reports, restructuring, pressure from activist investors, and more.

---

2 Eye-popping facts

---

The one you didn’t see coming

---

VIP passes are sold out!

---