Daily Newsletter

• Struggling Peso, lagging stock market dampen GCash’s IPO hopes
• After 46% revenue bump, Igloo eyes global expansion
• Granite Asia launches US$50 million fund for logistics players

An earlier version of this newsletter reported Granite Asia launched a US$50 billion fund with Port International. It should be a US$50 million fund with PSA International. We regret the error.

Hello Demo,

When my dog welcomed his second birthday, he gave me a surprise: The right side of his heart is apparently larger than the left.

Three vet visits later, he’s fine, but I’ll have to bring him back once a year to have it checked. Those visits gave my wallet a big fright, as they were not cheap.

The experience led me to look for pet insurance. Turns out, e-wallet GCash offers it. After filling out an online form on the app, I was able to send an application 15 minutes later. In less than a day, I got it approved, and the insurance is definitely cheaper than vet visits.

Since 2021, GCash has transformed from a simple e-wallet to a super app that offers stock and bond investing, quick consumer loans, and insurance policies. Part of the firm’s hopes for future growth are pinned on its foray into credit and wealthtech ahead of its market debut on October 20.

While it is expected to be the Philippines’ largest IPO, raising about US$845 million, GCash set its share price at a 30% discount from the maximum it chose when it released its prospectus.

Analysts told me that the firm had to recalibrate its share price to reflect tougher macroeconomic conditions.

Meanwhile, things are looking more positive for GCash’s insurance partner, Igloo. The Singapore-based firm ended 2025 with a 60% year-on-year drop in its net loss, and its CEO told Tech in Asia that the good news is set to continue as 2026 draws to a close.

Elyssa Lopez, journalist

1️⃣ GCash trims IPO ambitions to meet market realities

Digital collage by Ulla, photo courtesy of GCash

Even if GCash parent firm Mynt set its debut share price lower than its projected range, analysts remain divided on whether 6.60 pesos (US$0.11) is fair.

The question lingers over whether the Philippines’ largest e-wallet operator can grow beyond its dominance in the payments business as it ventures into credit and wealthtech.

2️⃣ Igloo CEO eyes global M&A: ‘We have an appetite to grow more’

Raunak Mehta sat down with Tech in Asia to discuss how Igloo plans to hit EBITDA breakeven by year-end and why Indonesia remains a major revenue driver.

Logistics and infra firms set to get a boost with new US$50 million VC fund

Image credit: Made by Tech in Asia with the help of AI

Whether you are raising a new round or simply curious about which investors are splashing the cash, this VC fund tracker is a helpful guide.

Just recently, we updated the list with a new VC fund that Granite Asia has launched with Singapore-based PSA International. The fund aims to back startups that are focused on the logistics and ports industries.

Full steam ahead for those startups, then.

1️⃣ Jungle Ventures leads SG AI startup OneByZero’s $20m round

The enterprise AI startup helps companies integrate AI into their workflows by having its own set of engineers installed within a client’s team.

2️⃣ Singapore fintech firm IPID raises $16m series A

IPID provides real-time bank account verification technology. Its services are used by financial institutions in over 50 countries.

3️⃣ Singapore’s digital economy hits $113b: report

The digital economy made up about 19% of Singapore’s GDP in 2025, according to the government. Jobs related to AI, data, and cybersecurity were some of the fastest growing job categories.

4️⃣ Google pauses open-source bug bounty program over AI spam

Google is halting its Open Source Software Vulnerability Rewards Program after receiving a deluge of automated submissions that were found to be invalid. The program was meant to help the company identify vulnerabilities in its open-source projects.

5️⃣ Trip.com faces scrutiny over refunds, complaints in S Korea

The country’s trade commission has received multiple complaints about Trip.com’s refunding system. The platform issued vouchers instead of cash amounts to customers who purchased airline tickets for canceled flights.

PRESS PEEKS

The following press releases were published as they were received, without any editing from the Tech in Asia team. You, too, can publish your own press release on our site by simply filling out this form. Our team will get back to you by the next business day.

• Starling Studio - Cosmo5 Acquires Brew Group, strengthening its Southeast Asia Presence: Cosmo5, a leading independent global marketing performance group, has acquired Brew Group, a Singapore-headquartered marketing group.
• SotaTek - SotaTek expands cloud capabilities with AWS Cloud Operations Competency: SotaTek strengthens its AWS capabilities from architecture to operations with the AWS Cloud Operations Competency.
• Beldex - Beldex Launches $1M Global Grants Program: Beldex launches $1M Grants Program at Korea Blockchain Week, funding privacy apps, tools and infrastructure worldwide.

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