According to reports, GCash, a fintech company backed by Ant Group Co., Ltd. and Mitsubishi UFJ Financial Group, plans to postpone its IPO in Manila, Philippines, due to the ongoing downturn in the Philippine stock market which is deemed unsuitable for listing. Sources indicate discussions regarding the IPO are still ongoing and the plans may be adjusted. GCash is controlled by Globe Fintech Innovations Inc (Mynt). Mynt stated that there has been no formal decision regarding the IPO timeline and will expedite the process when ready. Currently, there is no definite IPO schedule. GCash, often referred to as the "Philippine version of Alipay," is operated by Mynt, a subsidiary of one of the Philippines' largest telecom operators, Globe Telecom, and represents a significant investment for Ant Group in the Philippine fintech sector. Previous reports suggested GCash had initially aimed to go public as early as this year, raising up to $1.5 billion, equivalent to over HK$11.6 billion, positioning it to become the largest IPO in Philippine history.