HK Conglomerate Emperor Group Sets Up FX Brokerage in Saint Vincent
Emperor Group, a Hong Kong-based diversified group of companies founded by Albert Yeung, is launching a new FX brokerage unit licensed in Saint Vincent and the Grenadines. Branded as EMXpro, the emerging broker is part of the EFI, one of the core businesses of Emperor Group.
At glance, EMXpro is offering a classic MT4 offering with diversified investment instruments that allow clients to trade the core markets like forex, precious metals, energies and indices.
EMXpro parent already operates two of the largest financial services institutions in Hong Kong since 1978. Its brokerage arm, called Emperor Financial Services Group, is engaged in the business of forex, bullions and precious metals. Emperor Financial’s chief operating officer, Brian Tsui, who originally announced the launch of EMXpro brand.
Brian Tsui is a forex industry veteran, having held many senior roles with top brokers throughout his lengthy career that dates back to 2000. Prior to Emperor, he was head of One Financial Markets Asia for more than four years. He also led securities, futures, FX, and asset management business of Goldenway Investments.
Other stops include working as CEO of Swissquote Asia, general manager and executive director of Gain Capital’s subsidiary in Hong Kong. He also spent short stints as head of Retail FX at MF Global and head of sales at CMC Markets.
The reason for Emperor’s move to set up an offshore shop in Saint Vincent and the Grenadines is not clear. Yet, the company may be looking for more flexible jurisdictions to diversify their revenue stream and allow its clients to enjoy the benefits of more favorable trading conditions where regulation is not as strict as in Honk Kong.
Saint Vincent and the Grenadines has generally had one of the laxest regimes when it comes to regulating and licensing the online trading firms. The SVG’s legal framework is similar to the situation in the Marshall Islands, where there was little regulation or licensing requirements for FX brokers, other than requiring them to list in the country’s companies register.
The financial watchdog of Saint Vincent and the Grenadines, however, recently announced that it is planning on establishing its own financial license, demanding brokers wanting to offer trading services from SVG to secure regulatory approvals before starting up their operations in the country.
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