CBIRC Approves First Foreign Owned Money Broker in China
Japan’s Ueda Yagi Tanshi’s application to establish a wholly-owned money broker in China has been approved.
The CBIRC (China Banking and Insurance Regulatory Commission) has approved the establishment of the first foreign-owned money broker in the country.
According to a CBIRC statement, Japan’s Ueda Yagi Tanshi’s application to establish a wholly-owned money broker in China has been approved.
The new company will be allowed to provide intermediary services including facilitation of fundraising, bond trading and foreign exchange trading among financial institutions.
The Tokyo and Osaka-based firm has six months to set up the new business, to be called Ueda Yagi Tanshi (China) Co Ltd, following which it will have to seek authorisation to commence operations.
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