GCash, the mobile wallet of Globe Telecom Inc., said it would continue to ramp up the reach of its stock investment platform GStocks PH after reaching half a million user base.
GCash group head of wealth management Jong Layug said in a news forum GStocks PH now has 500,000 users, representing a small portion of the over 90 million GCash subscriber base.
Layug said these Gstocks users traded at least once, and their average transaction is worth less than P10,000.
“We are very determined to craft different solutions and make wealth creation easier for millions of Filipinos, while ensuring compliance with our regulators,” Layug said.
GCash tapped AB Capital Securities Inc. (ABCSI) in 2023 to introduce GStocks PH to its millions of users, allowing them to diversify their portfolios and choose companies listed on the Philippine Stock Exchange (PSE).
“Through our partnership with GCash, it’s now very easy for an individual to open an account for local stock investments and trade in stocks, with just a tap of their finger,” said ABCSI chairman and chief executive Antonio Jose Periquet.
Together with ABCSI, Layug said GCash provides a stock investment platform that is more convenient, safer and easier to understand, especially for beginner investors.
PSE president and chief executive Ramon Monzon said during the same forum the partnership would help increase the number of Filipinos investing in the stock market.
“We have a compounded annual growth rate of about 11 percent in stock market investors. I’m hopeful that with the easy access and the education initiatives that we are doing for the GCash subscribers, hopefully, at least in the next five years, if they could double that 1.9 million, we’ll be happy,” said Monzon.