THE Philippine Stock Exchange (PSE) has partnered with GCash to allow users of the mobile wallet to directly invest in the stock market, a top official disclosed.
In a television interview, PSE president and chief executive officer Ramon Monzon said “GCash and PSE have agreed to tie up.”
This means offering stock trading to the 67 million subscribers of GCash.
“Because of the profile of GCash subscribers, we are also in the process of studying how we can offer or make possible fractional trading in shares so that more GCash subscribers are able to invest in stocks,” Monzon said.
The stock exchange will design a platform that will allow GCash users to be able to invest directly in the stock market.
The PSE has already reached an agreement with AB Capital Securities Inc. as the broker.
“It’s a tripartite agreement between PSE, GCash, and AB Capital,” he added.
Monzon said GCash subscribers should be able to invest already in the stock market by November.
The tie-up with GCash will be a game-changer for the stock exchange in terms of the number of retail investors investing in the market, Monzon said.
Since PSE was organized in 1927, it only recorded 1.7 million stock market investors after about 94 years.