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- Mobile wallet GCash is set to launch a new feature called GStocks, which will allow users to invest their digital money into stocks.
- The new feature will undergo a month-long trial run with stock brokerage firm AB Capital Securities Inc. before it becomes available to all 70 million GCash users.
- The Philippine Securities and Exchange Commission (SEC) has approved the in-app testing of the GStocks feature, and GCash CEO Martha Sazon has expressed plans to integrate cryptocurrency trading and stocks into the platform as well.
Mobile wallet Gcash is set to offer another major feature into their application soon–Gstocks. It is set to allow Gcash users to invest their digital money into stocks.
However, before the 70 million users can actually use the new addition, the feature must first do a month-long dry run in partnership with stock brokerage house AB Capital Securities Inc. by March. The dry run is only open for selected users who will be able to register and apply for a trading account with AB Capital.
The commencement of the in-app testing for the GStocks PH feature was permitted by the Securities and Exchange Commission (SEC).
“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 Lee said in a statement.
In September last year, the Philippine Stock Exchange (PSE) revealed its partnership with GCash which will allow the users of the mobile wallet to invest in the stock market. (Read more: PSE to Open Stock Trading Via GCash)
“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,” GCash CEO and president Martha Sazon said in the statement.
Sazon priorly expressed Gcash’s plans to integrate stock trading into their platform as well as making cryptocurrency and crypto trading available to its users as early as 2021. (Read more: Gcash Considers Cryptocurrency Trading and Stocks Platform)
During the Philippine Web3 Festival last November, GCash’s then-Vice President for Crypto Neil Trinidad unveiled that GCrypto, is set to be launched soon. He also noted that the firm is now in partnership with other local web3 projects to further the adoption of crypto and blockchain in the Philippines. (Read more: Gcash Teases GCrypto, Partnerships with Local Web3 Projects)
This article is published on BitPinas: Get Ready to Trade Stocks with GCash’s New GStocks Feature, Now on Trial Run
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.