GCash to Launch In-App Stock Trading Service Next Yearby Fintech Philippines September 21, 2022
Mobile wallet GCash has partnered with the Philippine Stock Exchange (PSE) and brokerage AB Capital Securities to launch its in-app stock trading feature GStocks.
GCash aims to roll out the feature by year-end to select users followed by a nationwide launch in early 2023, with close to 300 PSE-listed companies available for trading on the platform.
According to the company, GStocks will be available to fully-verified GCash users without the need for a bank account. The platform will also be offering free top up and withdrawal services.
GStocks users will be able to buy and sell local shares in real-time, monitor their trades and portfolio performance, create a stock watch list, as well as access analytics and market reports.
The Philippine equities industry had a value turnover of PHP 2.23 trillion spread across 1.6 million stock market accounts as of December 2021. The majority of traders are aged 18 to 44, earning less than PHP 500,000 per year.
PSE President and CEO Ramon S. Monzon said,
“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.”
AB Capital Group Chairman and CEO Antonio Jose Periquet said,
“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.”
GCash announced earlier this month that it reached 66 million users and P3 trillion in gross transaction value in the first half of 2022.