Multi-asset brokerage Blackwell Global announced today the opening of a new office and the attainment of a new derivative broker licence issued by the Securities and Exchange Commission of Cambodia (SECC). Based in Phnom Penh, the expansion of its forex and brokerage business into the emerging market of Cambodia marks a stronger presence in Asia.
Following a slew of expansion announcements made earlier this year, Blackwell Global has added yet another notch on its belt with the successful acquisition of the derivative broker licence, the fifth issued by the SECC, which allows it to operate and provide forex and CFD trading services within the country.
While derivatives trading is not new to Cambodia, the introduction of government regulation in the industry in recent years have led to safer trading activities, building an improved reputation for the local derivatives market.
The derivative broker licence instituted by the SECC early last year is geared at reining in unsafe and unethical trading practices, with the government watchdog ensuring that licensed companies adhere to the various policies intended to protect the consumer.
The brokerage is currently the only multi-regulated derivative broker holding this licence, in addition to licences from world-renowned regulatory bodies that include the FCA in the UK, CySEC in Cyprus, FSP in New Zealand and SFC in Hong Kong. With their sights trained on Cambodia’s rapid development, Blackwell Global is primed to seize opportunities accompanying economic growth and the burgeoning interest to invest in financial services and products.
The general population in Cambodia has experienced an increase in affluence, and there are incrementally more demands for sophisticated standards which Blackwell Global is able to deliver, both in technology and education,” said Avis Wang, Managing Director for Blackwell Global Cambodia, “With access to the latest technology and services on the B2B front, this translates to better trading conditions for our clients.
The SECC regulates the securities industry in Cambodia and is responsible for the socio-economic development of the country. Business authorisation and licence issuance involve the strict review of the company and its policies so as to ensure that they meet regulatory requirements. Company representatives also have to go through an exam to obtain operational licences. These regulatory measures protect clients with the assurance of the safety and security of their trades and funds.