The fintech platform GCash, which offers cryptocurrency products, is preparing for an IPO and plans to raise between $1 billion and $1.5 billion

ChainCatcher news, according to Bloomberg, GCash President and CEO Martha Sazon stated on Monday that the company is preparing for an IPO and is building its financial product suite beyond payments.

In an interview during the World Economic Forum in Davos, Sazon said, "We want to further expand our lending business and investment platform to support our artificial intelligence efforts." She mentioned that GCash is also working with the Philippine government to issue bonds through its app. The company has already allowed users to purchase insurance, stocks, crypto assets, and provide savings products.

Sazon stated that GCash is in discussions with banks regarding a potential public offering, with specifics depending on market conditions: "There has been a lot of discussion about the IPO, and we certainly hope it can happen. But there are no concrete plans at the moment. We are also considering various options and timing, and are in talks with banks." According to insiders, the IPO could raise between $1 billion and $1.5 billion, and the company has selected banks to handle a potential stock sale this year.