Philippine Digital Bank Maya Eyes $1B U.S. IPO for Global Growth

TLDR

• Maya, a Philippine digital bank, is considering a U.S. IPO valued at up to $1 billion.
• The IPO aims to provide Maya with access to larger pools of capital and broaden its investor base.
• Maya operates under a digital banking license from the Bangko Sentral ng Pilipinas and offers crypto trading.
• The U.S. IPO comes as IPO activity in the U.S. has shown signs of recovery in recent years.
• Experts suggest the timing of the IPO will depend on Maya’s ability to present stable earnings and strong governance.

Maya, a Philippine-based digital bank with a crypto trading platform, is considering a U.S. initial public offering (IPO) worth up to $1 billion. The move comes as the company works with advisers on a potential listing, as reported by Bloomberg. This IPO could provide access to deeper pools of capital and institutional investors.

U.S. IPO to Unlock Capital Access

Maya operates under a digital banking license from the Bangko Sentral ng Pilipinas and offers savings accounts, loans, and payments through its app. In addition to core banking services, the company provides cryptocurrency trading within a regulated framework. With limited large-scale tech listings in the region, a U.S. IPO could help the company broaden its investor base.

The company’s venture into the U.S. market comes as IPO activity in the country has picked up. In 2025, U.S. IPOs saw a recovery, with 202 listings raising $44 billion, marking a four-year high. This momentum could support Maya’s goal of raising substantial capital from international investors.

Philippine Digital Bank May Face Investor Scrutiny

Maya’s IPO plans raise questions about how U.S. investors would assess a Philippine-based digital bank with crypto exposure. Nathan Marasigan, Partner at Manila-based MLaw Office, pointed out that the timing of the listing will depend on the company’s ability to present a stable earnings story. He added that investors are currently valuing predictability, profitability, and strong governance over mere growth potential.

Investors may be cautious if the company’s crypto exposure grows as a significant revenue driver. Crypto markets often face higher volatility, which can lead to greater regulatory scrutiny. “If crypto becomes a major revenue source, investors will apply more caution,” Marasigan stated, stressing the importance of managing risk in this environment.

Philippines Faces Infrastructure Challenges

Despite the possible benefits of a U.S. listing, Maya still faces significant challenges in the Philippines. According to Paolo Lising, researcher at Sora Ventures, the country’s financial infrastructure remains underdeveloped. While digital payments and crypto adoption are on the rise, they are outpacing financial literacy and regulatory capacity.

A U.S. IPO could help address liquidity and funding issues, but scaling operations in the Philippines is another hurdle. Lising emphasized that Maya’s growth must align with a risk-aware infrastructure in the Philippines to be sustainable in the long run. “The real challenge is developing scalable financial systems in the country,” he said.

Despite these obstacles, Maya’s U.S. IPO could set the stage for a broader digital payments infrastructure in the Philippines. This potential move highlights the growing interest in blockchain and cryptocurrency solutions within the country, and the company’s ability to navigate these complexities could prove pivotal for its future success.

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