Japan-based money broker Ueda Yagi Tanshi has received Chinese regulatory approval to establish a fully-owned money broker.
The China Banking and Insurance Regulatory Commission (CBIRC) granted the approval. It requires the set up to be complete within six months.
Ueda Yagi will wholly-own the new money broker entity that will offer intermediary services, including facilitation of fundraising, bond and foreign exchange trading among financial institutions.
Founded in 2001, Ueda Yagi Tanshi formed via the merger of Ueda Tanshi and Yagi Tanshi. The company provides services for a variety of products in the money market.
Multiple financial companies, including Japanese firms, intend to boost their presence in China after Beijing opened the sector for foreign players.
Citi became the first US bank to secure fund custody licence in China. The licence will allow the bank to hold securities on behalf of mutual funds and private funds in the country.
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Meanwhile, JPMorgan has plans to increase its holding in its securities joint venture (JV) in China to 71%. The American lender now emerged as the potential buyer of a 20% stake in the JV.
Furthermore, the China Securities Regulatory Commission (CSRC) granted approval for DBS Group to set up a joint venture securities company.
Singapore-based DBS Group will hold a controlling stake in the new entity named DBS Securities.
DBS Securities will provide brokerage, securities investment consulting, securities underwriting and sponsorship, and proprietary trading.