SA’s EasyEquities expands to the Philippines
South Africa’s Purple Group-owned investment platform EasyEquities has partnered with GCash, the largest mobile wallet in the Philippines, to bring managed portfolios of US shares to Filipinos. GCash has over 70 million active clients.
Johannesburg Stock Exchange-listed Purple Group notified shareholders today, saying the launch of this partnership will be preceded by a ‘fantasy investing game’, expected to launch in June 2023.
“The game will run for a minimum of six weeks and will allow GCash clients to try their hand at investing in real markets with fantasy money. The game is designed to educate and familiarise Filipinos with investing in the US stock market, while also providing a fun and engaging experience as all players have the chance of winning prizes for competing and providing feedback on the platform. This is the same successful strategy EasyEquities used to launch in South Africa,” said a Purple Group notice to shareholders.
The company says GCash and EasyEquities have already been meeting with the regulator in Philippines, the Security and Exchange Commission (SEC), regularly to ensure compliance and approval to launch the full product suite as soon as possible.
In the Philippines, the SEC is the primary regulatory body overseeing securities and investments, and protecting investors, among other duties.
Purple Group says the SEC played a pivotal role in bringing these parties together to launch the fantasy investment game as a way to educate, engage, and build confidence in the platform and investing for first time investors.
“The partnership of two market-defining fintech companies can help revolutionise the investment landscape in the Philippines by making it a more accessible, friendly and affordable activity for everyone,” says Martha Sazon, President and CEO of Globe Fintech Innovations Inc, owner of Gcash.