UTrade and MLhuillier ink deal

To make stocks trading more convenient for its clients, Unicapital Securities, Inc.’s UTrade signed a partnership with MLhuillier.

"This partnership between UTrade and MLhuillier will further strengthen UTrade's mission of providing efficient and innovative financial and investment solutions that will build a stronger sustainable income stream for our current and potential clients," said Leonardo Arguelles Jr., president of Unicapital Securities, Inc.

Michelle Ungco, UTrade’s assistant vice president, said they will start the trial by August 1 with five MLhuillier branches in Cebu City.

“We will have five branches for trial, as we want to make sure when we roll nationwide there will be no glitches. This is to familiarize themselves with how to transact UTrade with MLhuillier. After nationwide, we will go international – particularly US, where ML has 16 branches,” said Ungcon in a press conference at CafĂ© Laguna in Ayala Center Cebu recently.

She said ML has recommended to focus on Cebu first for the month-long dry-run..

Ungco, however, clarified that “only the account opening” will be covered by the trial, “as it is tedious,” while the bills payment and other UTrade transactions will be open to more than 2,000 ML branches nationwide.

Before ML, Ungco, their clients have to go to the website, then undergo the face-to-face requirements at the Philippine Stocks Exchange office. But with ML, “they will do everything for you. It is very convenient. If you don’t want to go online, ML will give you the physical requirements,” she said.

Also, UTrade has lowered down the initial deposit for their clients from P10,000 to P5,000.

For his part, Arguelles said the partnership with MLhuillier is a “significant milestone for UTrade”.

“It is not easy to develop this partnership, you have to develop the trust for both institutions,” he said.

Marnel Apat, UTrade’s business development officer, said since their press conference last March in Cebu, their clients have increased by 10 percent. He said most of their clients are “millennials,” some are even students and young entrepreneurs.



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