The Philippine Stock Exchange (PSE) revealed that it has tied up with local mobile wallet GCash to allow the users of the mobile wallet to invest in the stock market.
The announcement was stated by PSE President and Chief Executive Officer (CEO) Ramon S. Monzon in an interview with BusinessWorld Live last September 13, 2022.
According to Monzon, this partnership will benefit the 67 million subscribers of GCash in terms of investing their digital money into stocks.
“We agreed on the commercial terms and we are now doing the technical issues. Meaning, PSE is going to design a platform for GCash users to be able to invest directly in the stock market,” he added.
The PSE Chief also clarified that the next phase of the agreement is studying and creating a platform for fractional trading to be available to all GCash users. Along with this, the broker that will be handling the transaction will be AB Capital Securities, Inc.
The new feature will be available to GCash subscribers in November 2022. GCash is projected to have more than nine million new investors in a five-year period. Monzon compared its 94-long history since 1927 to only having 1.7 stock market investors, up-to-date.
“The PSE was organized in 1927. We’re talking about 94 years and we only have 1.7 million stock market investors. When we were going over the projections of GCash, they projected more than nine million new investors in five years’ time,” Monzon concluded.
Since June 2022, GCash has informed the public of its plan to incorporate cryptocurrencies on its platform. Although its nearest competitor has already acquired a Virtual Assets Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) and has begun campaigns to encourage Filipinos to use their app and be rewarded with crypto. (For a more detailed article on the topic, read GCash Crypto Update: We Are Working On Our Crypto Product and Maya Offers BTC Promo for 9.9 Sale)
This article is published on BitPinas: PSE to Open Stock Trading Via GCash
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