The Securities and Exchange Commission (SEC) has approved the applications of Macodimarc Technology Corp. (Pluang PH) and G-Xchange, Inc. (GCash) to participate its regulatory sandbox.
This allows GCash and Pluang PH, a Jakarta-based fintech start-up, to pilot their platforms in a limited regulatory environment.
Under the plan, Pluang PH will test a mobile application that will allow retail investors in the country to trade and invest in U.S. Securities.
Meanwhile, GCash will seek to provide simplified and unified access to global stock markets within its application through GStocks Global.
The duration of the sandbox period will be for 24 months, and can admit up to a total of 2 million participants.
“For the first time, Filipinos will be able to invest in the true technology leaders of the world, companies like Microsoft, Google, Amazon, NVIDIA itself. They’ll be able to invest from the click of their button and from the convenience of their own smartphones,” Pluang co-founded Richard Chua said.
Pluang is a multi-asset investment platform that allows Indonesians to invest in cryptocurrency, US stocks, local stocks, mutual funds, and gold, all in a single platform for as little as $1. It currently has 1 million app subscribers in Indonesia.
“So, basically, we’re trying to democratize access to wealth creation, and we think creating wealth is really about putting your money in a diversified portfolio of these kinds of assets,” he said.
The Philippines is Pluang’s first market outside Indonesia, Chua said, and the Philippines was chosen due to similarities in population size and demographics, with both countries having large, young populations.
“People are discovering their financial identity. With a majority under 30, they haven’t yet figured out who to trust in this modern world. And with things like crypto, the financial landscape is completely changing,” Chua said.
During the soft launch, Pluang plans to onboard a couple of thousand users to evaluate market demand and local adaptations.
“If all things go well, we’ll be very excited to scale our offering in the Philippines,” he said.
