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Eye of Riyadh
Business & Money | Wednesday 20 December, 2023 12:59 pm |
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Valuable Capital Group Receives RHQ License From MISA

Value Capital Group Limited (VCGL), a global leading Fintech solution provider, has announced its acquisition of the Regional Headquarters (RHQ) license from the Ministry of Investment of Saudi Arabia (MISA). The license endows VCGL with numerous business benefits for operating within the kingdom, such as tax incentives and a range of support services.

 

Regional Headquarters in the Kingdom of Saudi Arabia is a unit of a multinational group duly established under the laws of Saudi Arabia for the purpose of supporting, managing, and providing strategic direction to its branches, subsidiaries and affiliates operating in MENA region. RHQ program invites global companies' regional headquarters to relocate to Saudi Arabia, it was established as a joint initiative between Ministry of Investment (MISA) and Royal Commission for Riyadh City (RCRC).

 

“We are pleased to receive the RHQ license, which signifies another key achievement in our MENA strategy. VCGL is committed to providing highly customized fintech solutions to Saudi investors, with top-tier financial products and services.” said Jess Cheung, Co-Founder and CEO of VCGL.

 

VCGL is a comprehensive financial services group that provides integrated, cross-market, and multi-asset global investment services to individuals and corporations. It’s subsidiary, Valuable Capital Limited, is the second-largest online broker in Hong Kong by trading volume. The group has business in the world’s major markets, including Hong Kong SAR, the United States, Saudi Arabia, and Singapore, gaining worldwide recognition from millions of users. 

 

In 2022, VCGL and eWTP Arabia Capital, a private equity firm backed by the Public Investment Fund (PIF), co-founded Valuable Capital Financial Company (VCFC) in Riyadh. The strategic initiative seeks to provide highly customized Fintech to local investors and contributes to the kingdom's Vision 2030 Fintech strategy. 

 

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 later became 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). 

 

VCFC is also an active member of the MENA Fintech Association and the Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA), seeking to further strengthen its Fintech capabilities and industry connections in the MENA region.

 

Earlier this year, VCFC unveiled plans to launch an all-in-one, bilingual online trading platform called "Sahm" in Saudi Arabia. The platform will integrate market quotes, information, education, and analysis, giving users a streamlined experience.

 

 

About VCGL:

Valuable Capital Group Limited (VCGL) is a comprehensive financial services company that provides integrated, cross-market, and multi-asset global investment services to individuals and corporations. VCGL has set up licensed entities in Hong Kong SAR, the United States, Saudi Arabia, and Singapore, gaining worldwide recognition from millions of users. Its subsidiary, Valuable Capital Limited, was ranked among the top two online brokers in the Hong Kong stock market by trading volume in 2020 according to CIC, and named among China’s Leading Fintech 50 companies by KMPG.

 

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