The Securities and Exchange Commission (SEC) has approved the dry run for AB Capital Securities, Inc.’s (ABCSI) initiative of making its online trading services accessible through the GCash app.
The sandbox arrangement means that select users will test the functionalities of GStocks PH, a new feature to be offered on the GCash app that will allow users to avail of ABCSI’s online retail trading services.
This move opens up bigger and better opportunities for GCash’s 71 million users to grow their funds and invest in local companies.
During the dry run, select users coming from GCash and ABCSI’s employee base will be able to register and apply for a trading account with ABCSI, top up their trading wallet, and trade Philippine stocks using the company’s system through the GCash app.
“The SEC has always been supportive of new and emerging business concepts, especially with new innovations in financial technology. The Commission will do its part to ensure that the regulatory environment will allow such innovations to flourish, while remaining cautious and vigilant for the sake of consumer and investor protection,” SEC Commissioner Kelvin Lester K. Lee said.
For GCash CEO and President, Martha Sazon, “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.”
AB Capital Securities (ABSCI group) chairman and CEO Antonio Jose Periquet believes the strategic partnership with GCash and the PSE will allow ordinary Filipinos to share in the wealth that is created by some of the country’s best-run companies.
“Most people still leave their savings in bank accounts that yield less than inflation. Meanwhile, the wealthy get progressively wealthier as they are able to park their money in the shares of companies whose value tends to rise over time. By granting the public access to stocks through a widely used platform like GCash, anybody should be able to buy shares in their favorite companies,” Periquet explained.
This partnership is also seen giving GCash’s financial inclusion drive a big boost with only over 1% of Filipinos investing in the stock market.
Soon, Filipinos can start their investment journey via GStocks PH by downloading GCash. With the launch of GStocks PH, more Filipinos will be able to use ABCSI’s online platform to buy, sell, and manage their securities in companies listed at the Philippine Stock Exchange (PSE).
Simply download the GCash app for free on the Google Play Store for Android, the App Store for iPhone and iPad users, or Huawei Gallery.