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Hong Kong’s second-largest online broker Valuable Capital expands into Saudi Arabia’s securities brokerage market
- Valuable Capital Financial Company is a joint venture between China-backed Valuable Capital Group and eWTP Arabia Capital
- Firm has received approval for dealing, advisory and custody services, and plans to expand into investment banking, asset management and mutual funds
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Valuable Capital Financial Company (VCFC), a subsidiary of the second-largest online broker in Hong Kong by total trading volume, has obtained final approval from regulators to operate dealing, advisory and custody services in Saudi Arabia.
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The green light clears the way for VCFC, a joint venture between China-backed Valuable Capital Group Limited (VCGL) and eWTP Arabia Capital, to expand its presence in the Saudi Arabian financial market and target a population of local individual investors that is estimated to top 6 million.
VCFC plans to expand its service offering in Saudi Arabia to include investment banking, asset management and mutual funds, said Jess Cheung, co-founder and CEO of VCGL. That is subject to further regulatory approvals.
A soft launch is scheduled during the Future Investment Initiative Institute forum in Riyadh from October 24 to October 26, with a public launch and the release of a mobile app planned for November. VCGL aims to provide integrated, cross-market, and multi-asset investment services through its trading platform.
“It is the first brokerage house in Saudi Arabia to have developed its systems entirely in-house, from back end to front end,” Cheung told the Post.
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