Pluang PH, GCash to enter SEC's regulatory sandbox program | ABS-CBN
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Pluang PH, GCash to enter SEC's regulatory sandbox program
MANILA -- GCash and Pluang Philippines are the first companies to enter into the Securities and Exchange Commission's (SEC) regulatory sandbox, allowing firms to test products or services in a live but controlled setting.
MANILA -- GCash and Pluang Philippines are the first companies to enter into the Securities and Exchange Commission's (SEC) regulatory sandbox, allowing firms to test products or services in a live but controlled setting.
On Monday, June 2, the SEC awarded Pluang Philippines with a certificate of notice of approval for entry into the Strategic Sandbox (StratBox) under the PhiliFintech Innovation Office (PhiliFINNO).
On Monday, June 2, the SEC awarded Pluang Philippines with a certificate of notice of approval for entry into the Strategic Sandbox (StratBox) under the PhiliFintech Innovation Office (PhiliFINNO).
Pluang, which was launched in Indonesia, means "opportunity" in Bahasa Indonesian. According to co-founder Richard Chua, they now plan to start a new brand called Flow as they branch out to countries outside Indonesia.
Pluang, which was launched in Indonesia, means "opportunity" in Bahasa Indonesian. According to co-founder Richard Chua, they now plan to start a new brand called Flow as they branch out to countries outside Indonesia.
With the application Flow, Chua said they hope to give Filipinos a platform to invest in fractionalized U.S. stocks for as little as $1.
With the application Flow, Chua said they hope to give Filipinos a platform to invest in fractionalized U.S. stocks for as little as $1.
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"I think that's really exciting because it will allow Filipinos to sort of take advantage of the AI revolution that's going on right now. So companies that they're reading about like Nvidia, Google, Microsoft, Amazon-- the real leaders in AI. And with multi-trillion market caps, now, Filipinos can get their slice of those investment gains for as little as $1," he said.
"I think that's really exciting because it will allow Filipinos to sort of take advantage of the AI revolution that's going on right now. So companies that they're reading about like Nvidia, Google, Microsoft, Amazon-- the real leaders in AI. And with multi-trillion market caps, now, Filipinos can get their slice of those investment gains for as little as $1," he said.
Chua said he hopes Stratbox will start in a couple of months. Under this, Flow will open to a limited number of users.
Chua said he hopes Stratbox will start in a couple of months. Under this, Flow will open to a limited number of users.
"There will be an upper limit in the number of users just so that, I guess, for both sides, we can make sure that our technology is properly tuned to the Filipino market," he said.
"There will be an upper limit in the number of users just so that, I guess, for both sides, we can make sure that our technology is properly tuned to the Filipino market," he said.
The executive also noted that the platform will allow the SEC to see how the app works in a controlled setting before allowing it to run further.
The executive also noted that the platform will allow the SEC to see how the app works in a controlled setting before allowing it to run further.
With Flow, Chua said they hope to give Filipinos the opportunity to invest in various asset classes.
With Flow, Chua said they hope to give Filipinos the opportunity to invest in various asset classes.
"I think it's a thriving market," Chiua said when asked about the local investing landscape.
"I think it's a thriving market," Chiua said when asked about the local investing landscape.
And basically across all different asset classes, I guess, in crypto, it's one of the largest user bases for MetaMask and Web wallets. And there's a strong crypto following here. And I think Filipinos know a lot about American companies [...] And so I think all that's missing is an app that can actually allow Filipinos to invest in these asset classes."
And basically across all different asset classes, I guess, in crypto, it's one of the largest user bases for MetaMask and Web wallets. And there's a strong crypto following here. And I think Filipinos know a lot about American companies [...] And so I think all that's missing is an app that can actually allow Filipinos to invest in these asset classes."
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