GCash will test run its “GStocks PH” feature on its app ahead of its full rollout
GCASH – The financial technology (fintech) company said that it would test run the online stock trading feature on its app with partner AB Capital ahead of its full rollout.
The Securities and Exchange Commission (SEC) approved the trial run of GCash’s “GStocks PH” feature.
SEC Commissioner Kelvin Lester K. Lee said that the Commission has always been supportive of new and emerging business concepts, especially with new innovations in fintech.
According to Lee, the Commission will do its part in order to “ensure that the regulatory environment will allow such innovations to flourish” while remaining vigilant and cautious for the sake of investor and consumer protection.
GCash said in a statement that the sandbox run means selected users would be able to test run “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,” said GCash President and CEO Martha Sazon.
READ ALSO: GCash Partners With PSE, AB Capital To Let Users Invest In Stock Market Through App
The fintech company said that a selected number of users from GCash and AB Capital’s employee base are included in the test run.
According to a report, users will be able to register and apply for a trading account with AB Capital, to top up their trading wallet, and to trade Philippine stocks using AB Capital’s system through the GCash app.
Earlier, Philippine Stock Exchange (PSE) President and CEO Ramon Monzon said that stock trading would be available on the GCash app, which he said could encourage more Filipinos to invest in the stock market.
Also, Monzon earlier called GCash’s “GStocks PH” feature a “game changer” which has the potential to increase the stock market user base in a shorter span of time.
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