SEC approves sandbox run of stock trading partnership between AB Capital, GCash
The Securities and Exchange Commission (SEC) has approved the dry run for AB Capital Securities, Inc.’s (ABCSI) initiative of making its online trading services accessible through the GCash app.
The sandbox arrangement means that select users will test the functionalities of GStocks PH, a new feature to be offered on the GCash app that will allow users to avail of ABCSI’s online retail trading services.
This move opens up bigger and better opportunities for GCash’s 71 million users to grow their funds and invest in local companies.
During the dry run, select users coming from GCash and ABCSI’s employee base will be able to register and apply for a trading account with ABCSI, top up their trading wallet, and trade Philippine stocks using the company’s system through the GCash app.
“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 K. Lee said.
For GCash CEO and President, Martha Sazon, “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.”
AB Capital Securities (ABSCI group) chairman and CEO Antonio Jose Periquet believes the strategic partnership with GCash and the PSE will allow ordinary Filipinos to share in the wealth that is created by some of the country’s best-run companies.
“Most people still leave their savings in bank accounts that yield returns less than inflation. Meanwhile, the wealthy get progressively wealthier as they are able to park their money in the shares of companies whose value tends to rise over time. By granting the public access to stocks through a widely used platform like GCash, anybody should be able to buy shares in their favorite companies,” Periquet explained.
This partnership is also seen giving GCash's financial inclusion drive a big boost with only over 1% of Filipinos investing in the stock market.
Soon, Filipinos can start their investment journey via GStocks PH by downloading GCash. With the launch of GStocks PH, more Filipinos will be able to use ABCSI’s online platform to buy, sell, and manage their securities in companies listed at the Philippine Stock Exchange (PSE).
The investing public is reminded that any form of investment entails risk.
Simply download the GCash app for free on the Google Play Store for Android, the App Store for iPhone and iPad users, or Huawei Gallery. To know more, visit www.gcash.com.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
