SEC approves GCash's dry run of in-app stock trading platform
MANILA, Philippines — The Securities and Exchange Commission gave GCash the go-ahead to proceed with the initial rollout of its stock trading platform, which will allow users to buy and sell equities within the mobile wallet app.
In a statement on Friday, GCash's parent firm, Globe Telecom Inc., said the approval meant brokerage AB Capital Securities Inc. (ABCSI) can do a dry run within what would be know as the "GStocks" feature of the app.
GStocks will tap select users of the digital wallet and ABCSI’s employees in the initial rollout. These users will be able to test the functionalities, which entail using ABCSI’s online retail trading services.
The telco giant announced the move to establish a stock trading platform within the GCash app last year. GCash noted it had 71 million users in its system.
“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,” said SEC commissioner Kelvin Lester K. Lee.
Shares in Globe ended weekly trading down 3.08% at P2,016 apiece.
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