Japanese brokerage Nomura and JPMorgan Chase have secured the go-ahead from the China Securities Regulatory Commission (CSRC) to launch securities joint ventures (JVs) in China.

According to media reports, Nomura will team up with Orient International for the Chinese JV.

With initial focus on the wealth management space, Nomura intends to serve HNWIs in China.

Later, the firm plans to develop its product distribution channels and enter wholesale and other businesses.

JPMorgan will set up the JV in collaboration with Shanghai Waigaoqiao Free Trade Zone Group as well as four other Chinese investment firms, media reports said.

Commenting on the new initiative, Nomura group CEO Koji Nagai said: “This is an important step in building up our China business.

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“With an increased presence in China, we aim to support economic growth in both China and Japan and firmly establish ourselves as a global financial services group with deep roots in Asia.”

Opening up the Chinese financial sector to foreign firms is aimed at boosting competition in the market.

Last year, Swiss banking group UBS unveiled plans to increase its stake in its securities JV in China from 24.99% to 51%.

With the move, UBS became the first foreign bank to take a controlling stake in a China business.