Valuable Capital Financial Company (VCFC), a subsidiary of Hong Kong's second-largest online broker, has secured regulatory approval to provide dealing, advisory, and custody services in Saudi Arabia. The move allows VCFC, a partnership between China-backed Valuable Capital Group Limited (VCGL) and eWTP Arabia Capital, to tap into an estimated 6 million individual investors in Saudi. Jess Cheung, CEO of VCGL, revealed plans to further introduce investment banking, asset management, and mutual funds, pending additional regulatory consent. VCFC will have its soft launch at Riyadh's Future Investment Initiative Institute forum this October, followed by a public launch and mobile app release in November. Cheung emphasized the company’s in-house developed systems and saw Saudi Arabia's younger, growing economy as a fertile ground for fintech, citing over 70% of its population being under 30.
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