GCash users may start buying stocks on the app in November

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Globe-affiliated leading mobile wallet GCash will soon allow its users to directly invest in the stock market, a feature it will roll out starting November.

This was a result of a three-way deal between the Philippine Stock Exchange (PSE), stock brokerage AB Capital, and GCash.

According to PSE president Ramon Monzon, GCash projected it could facilitate up to 9 million new investors participating in the PSE, which the PSE official called a “game changer.

“PSE has agreed to tie up and we will be offering stock trading to the 67 million subscribers of GCash,” Monzon said, adding that the concerned entities have agreed on the commercial terms and will soon finalize technical issues.

“It’s really going to be a game changer in terms of the number of retail investors participating in the [stock] market,” he added.

GCash remains to be the most used mobile wallet in the country, with 66 million users as of end-June, and a gross transaction value of P3 trillion.