GCash, the largest fintech platform in the Philippines, has picked banks to work on an initial public offering (IPO) that could take place this year, Bloomberg reported on Thursday, quoting people familiar with the matter.

GCash has selected JPMorgan Chase & Co, Morgan Stanley and UBS Group AG to work on the potential share sale, the people reportedly said. Other banks that may also help to arrange a deal include HSBC Holdings Plc and Jefferies Financial Group Inc, the people added.

Considerations are ongoing and no final decisions have been made, the people said, adding that more banks could be added for the IPO, the report said.

Representatives for the banks declined to comment. GCash, which is controlled by Globe Fintech Innovations Inc, or Mynt, said it had nothing to disclose at the moment.

Bloomberg reported in November that GCash had invited banks to pitch for a role in an IPO in Manila to raise $1 billion to $1.5 billion, possibly in the second half of 2025.

GCash’s app can be used for services such as paying bills and sending and receiving money throughout the Philippines, according to the company’s website, which says 94 million Filipinos have used GCash.

According to Bloomberg, last year, Mitsubishi Corp bought a 50 percent stake in AC Ventures Holding Corp, which owns 13 percent of Globe Fintech.

This was followed Mitsubishi UFJ Financial Group Inc acquiring an 8 percent stake in GCash in August, in a transaction that lifted the valuation of the company to US$5 billion. Jack Ma’s Ant Group is another backer, the report added.

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