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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 traders 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 response to 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 lately.
Maya operates beneath a digital banking license from the Bangko Sentral ng Pilipinas and affords financial savings accounts, client loans, funds, and service provider providers via its app.
Along with core banking providers, Maya offers 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 turn into disabled and “grayed out” for sure tokens during times of sharp value will increase.
Maya didn’t instantly reply to a request for remark from Decrypt.
Property posting double-digit features inside quick timeframes had been marked “briefly unavailable,” whereas much less risky cryptocurrencies remained tradable, in response to screenshots and accounts shared with Decrypt by a supply accustomed to 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 response to knowledge from Renaissance Capital. Globally, 1,293 IPOs raised roughly $171 billion final 12 months, a 39% year-over-year enhance in proceeds, per EY knowledge on world 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. traders would assess a Philippine digital financial institution with crypto publicity.
A U.S. itemizing is “doable, however the timing can be judged on whether or not the corporate can current a steady, bank-quality earnings story in a market that’s nonetheless selective,” Nathan Marasigan, Companion at Manila-based MLaw Workplace, instructed Decrypt.
For the time being, traders 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 properly if “financial institution fundamentals are sturdy and the crypto element is clearly managed and non-disruptive to Maya's core story.”
The crypto section might both assist or complicate the IPO case, relying on how it’s ruled and disclosed, Marasigan added.
If crypto turns into a major income or development, “traders will often apply extra warning as a result of crypto can convey increased 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, instructed Decrypt.
“Whereas a U.S. itemizing can tackle Maya's funding and liquidity points, the extra vital problem stays growing 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. traders are “unlikely to guage Maya in isolation,” as a substitute, they may more and more undertake a country-specific and regional lens that may examine the Philippines to its friends, he defined.
“Digital funds would be the central theme in crypto over the following 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.
