Coronavirus pandemic 'accelerated' online transactions says First Metro Securities


Posted at Jul 23 2020 12:42 PM

MANILA - First Metro Securities Brokerage Corp said online transactions surged after quarantine measures meant to curb the spread of COVID-19 were implemented.

Average daily new accounts rose by 70 percent since the quarantine, the stock brokerage arm of the Metrobank Group said in a statement released on Wednesday.

"Surge in new account applications was sustained in June," said First Metro Securities president Gonzalo Ordoñez.

“Digitalization has been ongoing for a while, but the pandemic has accelerated this development dramatically. We are not only upgrading to improve customer experience, but also to adapt to the customers’ evolving behavior and preferences,” Ordoñez said.

The entire island of Luzon, home to half of the country's 100 million population, was placed under lockdown in March. Metro Manila remains under general community quarantine until July 31.

Webinars have also been in demand for those interested in long-term investments, it said. It also has a weekly Spotify podcast.
“There is a longing for community, combined with a fear of physical proximity. I believe that First Metro Securities is responding well to this “new normal”, and that growth will be persistent,” Ordoñez said.
First Metro said it was working to boost online capacity to cater to the demand. Its app is available on both Android and iOS.