Japanese Company receives Approval to Establish Fully-Owned Brokerage in China
Japanese firm Ueda Yagi Tanshi has announced that it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to establish a 100%-owned money broking subsidiary in China.
According to a press release by the firm, five foreign companies currently operate in the money brokerage space, but the license obtained by Ueda Yagi Tanshi marks it as the first foreign firm to establish a wholly owned subsidiary not subject to the previously-instated foreign ownership caps, which were set at 33%.
The firm aims to establish the new operation by Spring 2021, it said in a press release, growing its presence in the country; the company first began operating in the market via a representative office in Shanghai in 1996. The firm has said that it is deeply moved by the granting of the license, and hopes to continue in its success, acting as a bridge between Japan and China.
Ueda Yagi Tanshi will have six months from the granting of the license to establish the new entity, and the license allows the entity to offer an array of intermediary services, including fundraising, bond trading and foreign exchange trading among financial institutions.