VCGL’s subsidiary secures initial licenses to operate in Saudi Arabia
- Written by: Telegraph Magazine
This makes VCFC the very first and only licensed corporation in the kingdom from Asia to conduct Dealing, Advising and Custody services. VCFC announced that it will provide relevant services shortly after receiving further approval from the CMA.
Saudi Arabia's financial and trading market is an immense potential sector offering an excellent opportunity for regional and global investors, with the number of individual investors in the Saudi Stock Exchange (Tadawul) reaching six million by the end of Q1, 2022.
VCGL's expansion into Saudi Arabia aligns with its mission of providing users with integrated, cross-market, and multi-asset investment services through industry-leading financial technology. The company also revealed its plan to launch a new mobile App called 'Sahm' that fosters Saudi investors to build global investment portfolios.
'We have witnessed impressive FinTech innovation and robust capital market growth in the MENA region, especially in the Saudi marketplace, which has great talent and abundant market liquidity,' said Jess Cheung, Co-founder & CEO of VCGL.
VCGL, the parent company of VCFC, is a leading technology-driven financial solution provider founded in HK, providing comprehensive financial services such as online brokerage, asset and wealth management, and equity financing services to over millions of retail individuals, institutional, and corporate clients globally. Since September 2020, over $19.1 billion in bonds have been issued and underwritten by VCGL, which has also connected over 500 corporations with institutional investors, according to CIC reports.
VCGL's HK subsidiary, Valuable Capital Limited (VCL), is a licensed corporation holding type 1, 2, 4, 5, and 9 licenses regulated by the Hong Kong SFC, which provides users with integrated, cross-market, and multi-asset global investment service. According to CIC reports, it is the second largest pure-play online broker by total trading volume and MAU in the HK securities market in 2020, with the highest annual compound growth rate of retail deposits from 2018 to 2020.
The group has also established a presence throughout the major markets, including Hong Kong SAR, Mainland China, the United States, Singapore, Australia, and New Zealand. Its U.S. subsidiary is regulated by the United States Securities and Exchange Commission (SEC) and holds membership in the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
eWTP Arabia Capital (eWTPA), another shareholder of VCFC, is a growth-stage venture fund based in Saudi Arabia and China. It is backed by marquee investors - eWTPA Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). It has invested in 16 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia, including the hugely successful Saudi Cloud Computing Company, the kingdom's leading provider of cloud services and JNT Express KSA, which is now the fastest growing logistics provider in the country.
The collaboration between VCGL and eWTPA is expected to give VCFC unique competitive advantages of creating a powerful investment platform and contribute to Saudi Arabia's Vision 2030 FinTech strategy.
Hashtag: #ValuableCapitalFinancialCompany #VCFC
The issuer is solely responsible for the content of this announcement.
