China’s VCGL applies for financial licence in Saudi Arabia

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China’s Valuable Capital Group Ltd (VCGL), known as ‘Sina Valuable’ in Asia, has applied to the Capital Market Authority for Saudi Exchange and Financial licence.

The application was made through its Saudi Arabian subsidiary, VCGL said on the sidelines of the inaugural Saudi Capital Market Forum 2022.

VCGL is a leading fintech group founded in Hong Kong powered by Sina Corporation with dedicated online brokerage services offering global capital markets exposure and coverage.

Joint venture with eWTP

In 2021, a key milestone of VCGL’s international expansion was the establishment of a joint venture company by VCGL and eWTP Arabia Capital in Saudi Arabia.

Jess Cheung, Chief Executive Officer and Director of VCGL, stated: “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. For instance, we have seen Saudi digital security firm Elm completing its retail offering with 1,311% oversubscription and generating up to SR12.09 billion ($3.22 billion). We believe that the market itself and the investment environment can share numerous synergies with VCGL and hope this initiative can accelerate our growth in the Middle East, not only to enhance the local market but also bring in interests from the rest of the world.” -- TradeArabia News Service