10 Muharram 1446 - 16 July 2024
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Eye of Riyadh
Business & Money | Thursday 30 November, 2023 8:46 am |

Valuable Capital Financial Company joins Saudi Exchange Tadawul as new member

Valuable Capital Financial Company (VCFC), a portfolio company of PIF-backed private equity firm eWTPA, announced that it has become a registered member of the Saudi stock exchange, Tadawul, as well as its affiliates, the Securities Depository Center Company (Edaa) and the Securities Clearing Center Company (Muqassa). A ceremony was held in Riyadh, officially announcing VCFC as an exchange member of the Saudi Exchange.


“We are pleased to welcome Valuable Capital Financial Company as the latest exchange member to join the Saudi Exchange, Muqassa and Edaa. The addition of Valuable Capital Financial Company is another step in our journey to create a more diverse and advanced capital market in Saudi Arabia. This is an important landmark that demonstrates our commitment to growing the capital market ecosystem in line with our commitment to Vision 2030’s Financial Sector Development Program to stimulate wider access for all market participants.” said Mohammed Alrumaih, CEO of Saudi Exchange.


VCFC receives strategic investment from Valuable Capital Group Limited (VCGL), the second-largest online broker in Hong Kong by trading volume. The corporation has expanded its business to the world’s major markets, including Hong Kong SAR, the United States, Saudi Arabia, and Singapore, gaining worldwide recognition from millions of users.


“We are very honored to witness VCFC become a new member of Tadawul. We also strongly believe that VCFC will provide highly customized FinTech services to Saudi investors and contribute to the kingdom's Vision 2030 FinTech strategy” said Jess Cheung, Co-Founder and CEO of VCGL.


Earlier this year, the Tadawul Group and the Hong Kong Exchanges and Clearing Limited (HKEX) reached a historic agreement that allows companies with a primary listing on the Saudi Exchange’s Main Market to apply for a secondary listing in Hong Kong. The recognition followed a Memorandum of Understanding signed in February between the two sides to explore cooperation in a number of areas, including cross-listing opportunities.


“We fully appreciate the tremendous support from CMA and Tadawul Group. As a global financial corporation, we are also delighted to witness this historic partnership between HKEX and Tadawul Group. It will enable us to provide more comprehensive and high-quality services to investors in Saudi Arabia and Hong Kong.” said Steven Chou, Chairman of VCFC.


On October 1st, 2023, VCFC received licenses from the CMA to conduct dealing, advising, and custody services in Saudi Arabia. This makes VCFC the first pure-play online international brokerage firm to provide online trading and brokerage services in the kingdom. The company is currently applying for licenses from the CMA for arranging and managing to broaden its corporate services.


VCFC has also announced plans to launch an all-in-one, dual-language trading app named ‘Sahm’ in the coming weeks. The platform will integrate market quotation, information, education, and analysis, providing users with a seamless experience.


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