Globe-backed mobile wallet GCash has partnered with the Philippine Stock Exchange Inc. (PSE) and stock brokerage firm AB Capital Securities to offer in-application stock trading.
In a news release, GCash said it aims to activate the untapped potential of the Philippine equities market by launching GStocks.
The mobile wallet said it targets to officially roll out in-app stock market trading by year-end to select users followed by a nationwide launch in early 2023 with close to 300 publicly-listed companies in the PSE accessible on the platform.
GStocks feature will be available to fully-verified GCash users without the need for a bank account, the mobile wallet said.
The payment platform added that it will also be offering free top up and withdrawal services.
Users of GStocks will be able to buy and sell local shares in real-time, monitor pending trades; monitor portfolio performance and returns via a dashboard; access stock watch list, direct research reports, real-time quotes, and live stock charts, as well as access analytics, news and disclosures and daily and weekly market reports, according to GCash.
“With GStocks on the GCash app, powered by AB Capital Securities and supported by the PSE, more Filipinos can now invest in stocks. Thanks to its game-changing capabilities, GStocks will democratize stock trading in the country by making it accessible to the 66 million users of GCash. This trailblazing development is, of course, in line with our vision of ‘Finance for All’," said GCash president and CEO Martha Sazon.
“Aside from making stock trading more accessible to Filipinos, this partnership aims to help ordinary Filipinos grow their wealth by offering them the opportunity to own shares of publicly listed Philippine companies. It's next level accessibility, affordability, assistance, and experience,” said AB Capital Group chairman and CEO Antonio Jose Periquet.
For his part, PSE president and CEO Ramon Monzon said that the partnership will further modernize Philippine stock trading and enable millions more Filipinos to become stock market investors, ultimately contributing to nation-building.
“Online trading has accelerated retail investor participation in the PSE in the last few years. This undertaking will take the dynamics of online trading to the next level. We are pleased to provide the trading technology that should fast track the growth of retail investors in the stock market,” said Monzon. —LBG, GMA News