GCash is going public. But it already belongs to the public

GCash, an app that has become an integral part of everyday economic life in the Philippines, is set to go public through an initial public offering (IPO). However, this IPO marks the culmination of years of Filipinos' dependence on the platform rather than its creation. Mynt, the company behind GCash, prepares for what could be the country's largest IPO, with many discussions focusing on who is selling, who is cashing out, and what investors should pay.

Yet, the real value of GCash lies in the trust built by millions of Filipinos who have used it to send money home, pay bills, buy load, pay for goods, receive payments, and save money. This trust has turned GCash into an indispensable part of the infrastructure that drives the Philippine economy. While some investors may cash out as part of the IPO, the real value of GCash is not just in its financial success but in the trust and reputation it has built over time.

The IPO represents the monetization of this trust capital, which is crucial for the platform's future growth and development. GCash's success has depended on its ability to create a network of users who trust the platform to keep their money safe and facilitate transactions. As it enters a new stage of development, focusing on monetization, GCash must balance generating more value from each user with creating more value for each user.

This balance is crucial because GCash increasingly resembles an infrastructure platform, with significant implications for trust and security. The IPO may bring extraordinary returns for early investors, but the real value of GCash lies in the trust it has built, which investors cannot afford to lose.