Valuable Capital Financial Company secures initial licenses from Saudi Arabia’s CMA
- Written by Telegraph Magazine
RIYADH, KSA - Media OutReach - 23 October 2022 - Valuable Capital Financial Company (VCFC), a subsidiary of the top tier Hong Kong-based financial institution Valuable Capital Group Limited, announced that it has received the initial licenses from the Capital Market Authority (CMA) to conduct Dealing, Advising and Custody services in Saudi Arabia, making it the very first and only licensed corporation in the kingdom from Asia.
VCFC said that it will provide relevant services once the final license is granted.
The company has committed to provide trading, consulting and asset custody services, in which to enhance and foster Saudi investors to build global investment portfolios. More financial services such as asset management, IPO advisory, and fixed income are well planned and expected to launch shortly after receiving further approval from the CMA.
VCFC, registered in Riyadh earlier this year, is a joint venture between Valuable Capital Group Limited (VCGL) and eWTP Arabia Capital. This strategic move is expected to help both sides further realize their global business strategy and expand influence in MENA region.
The diversified and advanced initiatives from VCFC not only deliver synthetic financial solutions but also strengthen the geographical and national influence of the kingdom, which target to enable the country to stay in a leading role globally.
In line with Vision 2030, determined and foreseen services are keen to draw attention as well as interest from global investors and stakeholders, also making up the gap in the domestic financial market.
"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 of Valuable Capital Group Limited.
Valuable Capital Group Limited is a leading technology-driven financial solution provider founded in HK, which offers comprehensive financial services to over millions of retail individuals, institutional, and corporate clients globally. Its subsidiary, Valuable Capital Limited, is ranked TOP 2 online broker in HK stock market by notional in 2020, according to CIC reports. The group has also established presence throughout the major markets, including Hong Kong SAR, Mainland China, United States, Singapore, Australia and New Zealand.
According to EIU's report, Saudi Arabia will be the fastest growing of the world's largest economies in 2022. The financial and trading markets of the kingdom are becoming increasingly popular, with dealer activity heating up within the country.
"Saudi Arabia's financial market has tremendous potential with rapid growth. It requires involvement and participation of a wide range of financial institutions and platforms to fully meet the demand. We believe that VCFC is ready to bring its proven technology and big data driven service offerings from other markets to the kingdom, and serve Saudi financial sector together with its local partners." said Jerry Li, Managing Partner of eWTP Arabia Capital.
eWTP Arabia Capital ("eWTPA"), shareholder of VCFC, is a growth stage venture fund based in Saudi Arabia and China. It is backed by marquee investors - eWTP Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). Through its $400 million Fund I, eWTPA has invested in 16 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia. Investments include 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 combines VCGL's industry-leading financial services with eWTPA's strong capital base, giving VCFC unique competitive advantages of creating a powerful platform that provides integrated, cross-market, multi-asset investment services and contributes to the kingdom's Vision 2030 FinTech strategy.
Hashtag: #ValuableCapitalFinancialCompany
The issuer is solely responsible for the content of this announcement.
