GCash partnered with the Philippine Stock Exchange (PSE) and AB Capital
GCASH — The Ayala-led fintech company partnered with the Philippine Stock Exchange (PSE) and AB Capital to let app users invest in the stock market through the app.
Along with GCash President Martha Sazon and other officials, PSE President Ramon Monzon made the official announcement on Tuesday, with the soft launch of the service targetted for November.
Named “GStocks”, GCash’s new service will be similar to the “GInvest” service that’s already being offered, except that “GStocks” will allow users to choose any specific stock they wanted to trade.
According to Sazon, the said feature will allow more Filipinos to directly invest in the stock market through affordability and access.
“Just by making available to everyone and making it easier for them to click on the funds, definitely there’s already exponential increase in take-up,” said Sazon.
Monzon said that the partnership could help increase the Philippines’ retail investor base in a very short period of time. He noted that the Philippine Stock Exchange only has 1.6 million accounts and this represented only 1.5% of the country’s population.
According to Monzon, the endeavor is a game changer for the country’s stock market due to its “potential to double or triple or even quadruple the stock market investor base in a very short period of time”.
AB Capital Chairman Antonio Periquet, for his part, believed that there’s a market for the Philippines even if many Filipinos live below the poverty line.
ABS-CBN News reported that “GStocks” will have soft launching in November this year and no details on fees and other information have been disclosed yet as of this writing.