More apps eyeing stock trading services -- SEC

Moreplatforms are seeking regulator approval to offer stock trading options using their mobile apps, Commissioner Kelvin Lee of the Securities and Exchange Commission said on Monday.

This was after GCash and AB Capital said they would test run stock trading using the e-wallet’s mobile app.

“Because of that sandbox, there have been other entities, other portals that have been reaching out to us now and also making similar submissions,” Lee said.

At least 2 to 3 platforms have submitted their applications, Lee said.

“It looks like that’s something we can look forward to. Much more access to capital markets through different portals that will have different sandboxes for equities trading within your cellphones, within the apps,” he add- ed.

GCash and AB Capital are currently testing their stock trading feature to a limited number of users.

Lee said so far “there have been no systematic issues” seen.

Philippine Stock Exchange President and CEO Ramon Monzon earlier said the GCash online stock trading feature is a “game changer” which has the potential to increase the stock market userbase in a shorter span of time.