Globe-powered mobile wallet GCash has partnered with the Philippine Stock Exchange Inc. (PSE) and stock brokerage firm AB Capital Securities to offer stock trading in the application.
In a press release, GCash said it aims to unlock the untapped potential of the Philippine stock market through the launch of GStocks.
The mobile wallet said it aims to officially launch in-app exchange trading for select users by the end of the year, followed by a nationwide launch in early 2023 with nearly 300 listed companies in the PSE accessible on the platform.
The GStocks feature will be available to fully verified GCash users with no bank account required, according to the mobile wallet.
The payment platform added that it will also offer free top-up and withdrawal services.
GStocks users can buy and sell local stocks in real-time, monitor pending trades; Monitor portfolio performance and returns via dashboard; Access GCash’s stock watch list, direct research reports, real-time quotes and live stock charts, as well as analysis, news and disclosures, and daily and weekly market reports.
“More Filipinos can now invest in stocks with GStocks on the GCash app, operated by AB Capital Securities and backed by the PSE. Thanks to its groundbreaking capabilities, GStocks will democratize stock trading in the country by making it accessible to GCash’s 66 million users. Of course, this breakthrough development is consistent with our vision of ‘Finance for All,'” said Martha Sazon, President and CEO of GCash.
“Apart 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 stocks in listed Filipino companies. It offers next-level accessibility, affordability, support and experience,” said AB Capital Group Chairman and CEO Antonio Jose Periquet.
For his part, Ramon Monzon, President and CEO of PSE, said the partnership will further modernize Philippine stock trading and enable millions more Filipinos to become stock market investors, ultimately helping to build a nation.
“Online trading has accelerated retail investor participation in the PSE in recent years. This endeavor will take the momentum of online trading to the next level. We’re excited to provide the trading technology that should accelerate the growth of retail investors in the stock market,” said Monzon. – LBG, GMA News