BUSINESS Standard Chartered applies to set up securities firm in Chinese mainland

BUSINESS

Standard Chartered applies to set up securities firm in Chinese mainland

CGTN

09:23, October 11, 2020

Standard Chartered applied to establish a securities company in Chinese mainland, said the China Securities Regulatory Commission (CSRC) on Saturday.

Standard Chartered applies to set up securities firm in Chinese mainland.png

Standard Chartered main branch in Hong Kong Special Administrative Region, China. /Reuters

The CSRC did not provide details on its website.

Overseas investors have gained greater access to the Chinese mainland's financial market in recent years as China continues to open up its market and conduct related reforms.

The United Bank of Switzerland was the first overseas bank approved by China's securities regulator to hold the majority stake in its securities joint venture.

JPMorgan Chase & Co. got the regulator's nod to take full control of a joint venture last year after it applied for permission in May 2018. It also won the approval to set up the Chinese mainland's first, wholly overseas-owned futures business in June this year.

In addition, China in April this year lifted the limitations on the ratio of foreign shareholding in securities and fund management firms, offering overseas investors new opportunities to better tap the Chinese market.

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