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Valuable Capital Financial Company (VCFC), a subsidiary of Hong Kong’s second-largest online broker by total trading volume, is expanding into Saudi Arabia.
A report in the Hong Kong-based South China Morning Post states a soft launch has been scheduled during the Future Investment Initiative Institute forum in Riyadh, which runs from October 24 to October 26, with a public launch and the release of a mobile app set for November.
VCFC, a joint venture between China-backed Valuable Capital Group Limited (VCGL) and Saudi Arabia’s eWTP Arabia Capital investment firm, will expand its service offering in the kingdom to include investment banking, asset management and mutual funds, Jess Cheung, co-founder and CEO of VCGL, was quoted in the Post as saying, subject to further regulatory approvals.
Cheung also told the news daily that VCFC’s long-term goal involves bringing capital from Saudi Arabia to Hong Kong and mainland China.
(Writing by Bindu Rai, editing by Seban Scaria)