MANILA - GCash said it would test run the online stock trading features on its app with partner AB Capital after the Securities and Exchange Commission approved the trial run.
Philippine Stock Exchange President and CEO Ramon Monzon earlier said stock trading would be available on the mobile wallet GCash, which he said could encourage more Filipinos to invest in the stock market.
“The SEC has always been supportive of new and emerging business concepts, especially with new innovations in financial technology. The Commission will do its part to ensure that the regulatory environment will allow such innovations to flourish, while remaining cautious and vigilant for the sake of consumer and investor protection,” SEC Commissioner Kelvin Lester K. Lee said.
In a statement, GCash said the sandbox run means select users would be able to test GStocks PH, which is set to be offered to all 71 million users soon.
“Partnerships with trading platforms give us an opportunity to empower Filipinos from all walks of life, so that they too can start their investment journey easily and confidently with the stellar capabilities we offer at GCash, and of course the support of both the SEC and PSE," GCash President and CEO Martha Sazon said.
Included in the dry run is a select number of users from GCash and AB Capital's employee base, the platform said. They will be able to register and apply for a trading account with AB Capital, top up their trading wallet and trade Philippine stocks using the company's system through the GCash app.
“Most people still leave their savings in bank accounts that yield returns less than inflation... By granting the public access to stocks through a widely used platform like GCash, anybody should be able to buy shares in their favorite companies,” AB Capital Securities (ABSCI group) chairman and CEO Antonio Jose Periquet said.
EMBED The GStocks PH feature on the GCash app. Screenshot
PSE's Monzon earlier called GCash online stock trading feature as a "game changer" which has the potential to increase the stock market userbase in a shorter span of time.