The Philippine Stock Exchange (PSE), mobile wallet GCash and AB Capital Securities are preparing for the full rollout of GStocks PH nearly a year after it was first announced.
Ramon Monzon, president of PSE, said they were hoping to go “full blast” on GStocks PH, which allows the trading of Philippine-listed stocks via the GCash app, by August this year.
Monzon said GStocks PH was currently available to the smaller pool of users who are clients of the app’s GInvest products.
Delays were also caused by very strict “know your customer” requirements, even for so-called low risk investors or those who trade below P50,000, the bourse’s top executive said.
Monzon hopes the full launch will encourage millions of new investors to start trading and investing amid weakening volumes at the PSE.
GCash, a venture between Globe Telecom and Chinese financial technology giant Ant Group, has over 80 million users.
A Biz Buzz source said another mobile wallet was keen on launching stock market trading on its platform and was seeking the approval of the Securities and Exchange Commission along with its stock broker partners.
—Miguel R. Camus
SM governance award
The Sy family’s SM Investments Corp. was again recognized for good governance practices.
During the 13th Asian Excellence Award of Corporate Governance Asia, the listed property, banking and retail conglomerate bagged multiple awards for best corporate social responsibility, best corporate communications and best investor relations company.
“This recognition is truly an honor for us,” said Frederic DyBuncio, SM Investments president and CEO. “We firmly believe that by upholding the highest standards of governance, we can consistently deliver on our mission of better serving our communities.”
SM Investments, which has a market value exceeding P1 trillion, is a leader in several businesses segments, including banking and property.
—Miguel R. Camus
Eighth generation Zobel
The Ayala Group’s 8th generation is taking on bigger roles in the country’s oldest conglomerate.
The Ayala Corp. board appointed 35-year-old Jaime Z. Urquijo, son of Bea Zobel Jr., as the company’s next chief sustainability officer and chief risk officer effective Aug. 1 this year.
He is taking over the roles held by Alberto de Larrazabal, who remains Ayala’s chief finance officer and finance group head.
Urquijo is the vice president handling business development for the international expansion of renewable energy arm Acen Corp. He also sits on the boards of Bank of the Philippine Islands, Integrated Micro-Electronics Inc. and AC Industrial Technology Holdings Inc.
Ayala, which is led by seventh generation leaders Jaime Augusto and Fernando, also hired former Socioeconomic Planning Secretary Karl Kendrick Chua, 45, as managing director handling data science for the conglomerate.
—Miguel R. Camus INQ
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