Market Edge: More platforms are seeking regulator approval to offer stock trading options using their mobile apps, an official said. For more ANC Interviews, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU4AT2G3LWF27_RErcz0GVd9 For more Market Edge videos, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU7VaY264uHZjj0gPNUXcw-q For more ANC Highlights videos, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU43K1JtKfSzAzho2UExmS3G Subscribe to the ANC YouTube channel! https://www.youtube.com/user/ANCalerts Visit our website at https://news.abs-cbn.com/anc Facebook: https://www.facebook.com/ancalerts Twitter: https://twitter.com/ancalerts #ANCNews #ANCHighlights #MarketEdge

Video Transcript / Subtitles:( AI generated. About AI subtitles » )

* AI ("Artificial Intelligence") subtitles on Tagalog.com are generated using "Whisper" by OpenAI (the same company that created ChatGPT and DallE2). Results and accuracy may vary.
* The subtitles do include errors occasionally and should only be used as a tool to help with your listening practice.
* You can request this website to create a transcript for a video if one doesn't already exist by clicking the "Request AI Subtitles" button below a video. Transcribing usually takes 30-40% of the length of a video to complete if there are no other videos in the queue. For example, a 21 minute video will take 7-8 minutes to transcribe.
* Running a super fast cloud GPU server to do these transcriptions does cost money. If you have the desire and financial ability, consider becoming a patron to support these video transcriptions, and the other tools and apps built by Tagalog.com

The Gcash and AB Capital's partnership, what do we know so far?

Well, from what I have been told, AB Capital and Gcash are both very happy with it.

There have been no systemic issues that we've seen.

I was actually worried about that, to be very honest.

There was a period that I was told that we were anticipating a large number of people

who would come into the Gcash app because of the AB Capital side of things

and possibly cause the crash of either the systems AB Capital and Gcash.

And I've been told that no such thing has happened and the system has been running well.

So I'm happy to hear that particular update.

And interestingly enough, because of the fact that that particular sandbox was approved,

there have been other entities, similar portals that have been reaching out to us now

and also making similar submissions for possible.

So it looks like, without naming names, because like I said, I don't want to preempt any of them,

but it looks like that's something that we can look forward to.

Much more access to the capital markets through different portals

that will have different sandboxes for equities trading within your cell phone, within the apps.

How many more? Do you have like a rough estimate based on those who have reached out?

Are we talking about 5, 10?

No, not 5 or 10. My understanding is that I think there's 2 or 3.

But take note that each of these are likely to have different providers within each portal.

But my understanding is they have yet to give us the final numbers in relation to,

nor have they made a final submission to us on how their platforms will look like.

And that's why I have to laud Gcash for doing this.

They were very excited about this and they've been very cooperative with the regulators.

So that's something that I'm always happy to hear.

I guess that's an underlying message I always try to say when I'm in the public,

when I speak in public, is that come to us, talk to us, work with the regulator.

It's not like we want to stop all these things.

We want to work with you to make sure you're compliant with the law.

And Gcash was one of those entities that have been very cooperative with that.

And while some people are afraid of the word regulations and regulatory,

it's actually for the protection of investors themselves, right?

Yes, correct.

Just not to be overdone. So I think that is the balancing act there.

Commissioner, I know that you guys have a goal of having 888 companies tap the capital markets

for core fundraising by 2024.

Given the wild swings in the stock market, are you still confident you can hit 888?

Yes. Yes, yes. Actually, my understanding, the 888.88,

the reason it's called 888.88 Palabam, just so you're aware,

is because our 88th anniversary is in 2024.

So we're trying to have at least 888 issuers or entities tap the capital markets.

And we've been very successful, I think, with that.

We've launched, actually, our Oasis Roadshow in Davao, I think, just last month.

This week, we're going to Cebu. We invite everyone to come over.

Current numbers, we rely largely on the three crowdfunding portals to help us in relation to this goal to hit 888.

That's SeedIn, Investree, and Round1.

I understand that each of them have several hundred registered issuers already.

For instance, SeedIn, I think, has 700-plus registered issuers.

Investree has 300-plus registered issuers. Round1 has, I think, a couple of dozen.

Their successful ones are a little less. I think each averaged about 100 each.

But in relation to that, that seems to be the direction.

We have so much people, so much potential, so much people interested in getting into the capital markets

when we speak to them in these roadshows.

I'm actually quite excited in relation to this.

For those, I know that you guys are making a big, bold push for the crowdfunding.

How is that going along, coming along, the crowdfunding platform?

You mentioned three very successful ones.

How easy is it to be able to approach these crowdfunding organizations?

Fairly easy, I think. As I understand it, their names are online,

they're on the websites, and they're all registered,

so you can rest assured that at least these are not fly-by-night entities.

Round1, SeedIn, and Investree, they're all legitimate registered entities,

crowdfunding portals within the Philippines, as approved by the SEC.

If you can't find them in our roadshows, I'm sure they are online.

I just can't give you their contact details now.

I don't have that data in front of you right now.

Certainly, I'm sure they would be very happy to have people come into them.

On the point of raising capital, I understand PSE has also been very aggressive in relation to this.

I think they had a masterclass last week, where one of my directors,

the masterclass, where they invited a certain number of entities

under their PSE mentorship program who might be ready.

I understand five or six companies went to that particular event

and are looking forward to possibly raising capital through PSE.

I'm fairly positive here. I mean, I admit that the Q1 was kind of quiet

in terms of IPOs and capital raising, but from the indications I've been getting

Q2, Q3 looks to be aggressive, looks to be exciting.

There will be more issuances. As you mentioned earlier,

Ayala has made a number of submissions also for preferred shares.

That's a fairly large one as well.

Ayala Land has also another submission just recently, I think last week.

This is something that seems to be continuous now.

All right. That's good to know.

I want to end with cryptocurrency, Commissioner.

I mean, Bitcoin is not exactly the sexiest topic these days.

After it has fallen from, what, 63,000 each to, what, less than 20,

especially now in the doldrums as people fear the SVB collapses,

you know, so 2008.

I know that you've also partnered with the UP College of Law

for a study, a research on fintech regulation.

Where is the Philippines in cryptocurrency, digital assets,

in regulating those and making sure investors

in these newer types of investments are protected?

Well, as background, I think everyone knows that

there's two parts of this, the regulatory regime.

There's the VASP under the VSP, the virtual asset service providers.

And there's our incoming digital asset offerings,

digital asset exchange rules, which you should know,

we were actually ready to launch late last year,

a draft for public dissemination.

But because of what happened as FDX,

that was around the time that FDX,

when everything started crashing in relation to that,

the continuation of what we call the crypto winter.

So because of that, we chose to forego release.

No, we held it back.

And our decision was to make the rules a little more strict

in light of what's happening.

We don't want anything similar happening within the Philippines.

So that is undergoing internal revisions.

We're looking at having that, I know I've said this before,

but I'm hoping this year it will happen.

That I'll get these rules out in digital asset offers,

digital asset exchange rules within the year.

And to be honest, I had it.

I had the draft set.

I was about to announce it during the Philippine Blockchain Week

last year, late last year.

With FDX and everything, we just chose not to.

The commission and bank chose to hold it off.

So hopefully this year.

Yes, hopefully this year.

Looking forward to that.

There's so much coming.

I know, there's so much in your pipeline.

You must be very, very busy.

Did I miss anything else?

Any other big initiative or program that you're working on?

If I may, Ma'am Mimi, can I just announce very quickly

that something tomorrow that we'll come up with,

that we're looking like to come up with,

in relation to the company side,

we are looking forward to issuing a general amnesty

for those who have failed to file their GIS

and their AFS for the last few years.

When I say general amnesty,

because in theory, for every submission that you failed to make,

there's a commensurate penalty for that.

What we're looking at now is an amnesty on all that.

There's no penalty for the P10,000 penalty for MC28 non-submission.

MC28 is the requirement to enroll with the SEC

for your company registration.

So moving forward, what we're looking at for a very limited period,

P5,000 fine and a clean slate for your company.

You, of course, have to go through our registration requirements.

But definitely, once this is launched,

hopefully within this week,

this will make a difference in terms of companies

that want to get back into the good graces, so to speak,

and have a clean slate within the SEC.

All right. Thank you so much for that good news, Commissioner,

and for sharing it with us.

Always a pleasure speaking with you, sir.

Thank you very much. Have a good week.

Thank you.

All right.