Mynt, a FinTech startup wholly-owned by Globe Telecom, recently partnered with the Philippine Stock Exchange (PSE) and local brokerage firm AB Capital Securities to develop a new investing platform within its popular GCash app.
Called “GStocks,” the new in-app feature will allow users to trade and invest in the local stock market.
In a press release, GCash announced that it plans to officially launch its GStocks platform to select users by November or before the end of this year. A nationwide roll-out is also being eyed by early next year.
GStocks will be available to fully-verified GCash users without the need for a bank account. The payment platform has yet to detail the fees that will be charged for GStocks. However, the company says that it will be offering free top-up and withdrawal services as part of the package.
Users of GStocks will be able to buy, and sell, local shares in real time.
They will be given access to a stock watch list together with a slew of analytics tools that will allow them to check out direct research reports, real-time quotes, as well as live stock charts. They will also be able to monitor pending trades, portfolio performances and returns via a dashboard.
Finance for All
“With GStocks on the GCash app, powered by AB Capital Securities and supported by the Philippine Stock Exhange, more Filipinos can now invest in stocks,” revealed Martha Sazon, president and CEO of GCash, in a press statement.
“Thanks to its game-changing capabilities, GStocks would also democratize stock trading in the country by making it accessible to the 66 million users of GCash. This trailblazing development is very much in line with our vision of Finance for All,” adds Sazon.
“Aside from making stock trading more accessible, this partnership also aims to help ordinary Filipinos grow their wealth by offering them the opportunity to own shares of publicly listed Philippine companies. It’s next level accessibility, affordability, assistance, and experience,” said Antonio Jose Periquet, chairman and CEO of AB Capital Group.
For his part, PSE president and CEO Ramon Monzon said the partnership will further modernize Philippine stock trading and enable millions more Filipinos to become stock market investors. This, he explained, can ultimately contribute to nation-building.
“Online trading has accelerated retail investor participation in the PSE in the last few years. This particular undertaking will take the dynamics of online trading to the next level, and we are pleased to provide the trading technology that should fast track the growth of retail investors in the stock market,” he shared.
According to Monzon, GCash’s massive user base is significantly higher than the 1.6 million local investors currently trading through the PSE’s traditional stock brokerage houses.