SEC Approves Launch of GCash In-App Stock Trading Platform

The Securities and Exchange Commission approved the launch of the GCash stock trading platform, allowing users to buy and sell equities using the mobile wallet app.

Globe Telecom Inc., GCash’s parent firm, said the approval signifies that brokerage AB Capital Securities Inc. (ABCSI) can do a dry run within what would be called the “GStocks” feature of the app.

GStocks will start with select users of the digital wallet and ABCSI’S employees for the initial rollout. The users will test the functionalities using ABCSI’s online retail trading services.

GCash announced the establishment of a stock trading platform within the app last year and noted that it has 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,” SEC Commissioner Kelvin Lester K. Lee said.

Source: Philstar