• Demonstrates visionary progress of Saudi Arabian financial sector primed for regional and international investment growth

Riyadh, Saudi Arabia:

eWTP Arabia Capital (eWTPA) is pleased to announce that Valuable Capital Financial Company (VCFC), an eWTPA portfolio company, has received final approval from the Capital Market Authority of Saudi Arabia (CMA) to conduct dealing, custody, and advisory activities in the Kingdom. This makes VCFC the first licensed international fintech company authorized to provide online brokerage and trading services in Saudi Arabia.

This announcement comes amidst strengthening ties among the capital markets of Saudi Arabia, China, and Hong Kong S.A.R. In September, Tadwawul Group and the Shanghai Stock Exchange inked an agreement to deepen collaboration across dual-listings, financial technology development, environmental, social and governance (ESG) and data exchange. Earlier this year, Tadawul Group and the Hong Kong Exchanges and Clearing Limited (HKEX) announced that Tadawul is now a Recognized Stock Exchange (RSE), enabling companies with a primary listing on the Saudi Exchange’s Main Market to apply for a secondary listing in Hong Kong.

On the back of this license, VCFC will launch its trading platform during the Future Investment Initiative (FII) 2023, connecting Saudi investors to Tadawul and US stock markets in the first stage and later to exchanges in China, Hong Kong, Malaysia, Singapore, and other markets.

The Hong Kong Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, “It is a remarkable achievement that a Hong Kong-based company is the first international fintech company licensed to provide online brokerage and trading services in Saudi Arabia. The HKSAR Government recognises the potential of Web3 to become the future of finance and commerce and is committed to building a favourable environment for our fintech firms to thrive and prosper."

Chinese Ambassador to Saudi Arabia, Chen Weiqing, and the Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, have also expressed congratulations on the news.

Commenting on the announcement, Jerry Li, Founding Managing Partner of eWTP Arabia Capital, said “Capitalizing on its position as an international financial center and the de-facto gateway to the world’s largest and most innovative consumer tech markets, Hong Kong has emerged over the last decade as a vibrant fintech hub. In line with our mandate of funding and bridging industry leaders from Asia to MENA, we were firm believers that VCG’s proven platform was well positioned to address an underserved area in the local stock market ecosystem.”

“The license awarded by CMA is an endorsement of our thesis and a testament to the tenacity of the team in localizing VCG’s product and service offerings to meet stringent regulatory and operational requirements,” he added.

Jess Cheung, CEO of VCGL and board of director of VCFC, added “As entrepreneurs, we are driven by a passion to make a positive impact. It is particularly exciting to be at the forefront in developing the financial infrastructure that will underpin a mega story underway – accelerating capital flows among China, Hong Kong S.A.R, and Saudi Arabia. We are honored by the responsibility entrusted in us by the Saudi authorities and grateful to EWTPA for their assistance in opening the door to this exciting growth market and assisting us in navigating local regulatory and market requirements.”

VCFC was formed in February 2022 as a 50/50 joint venture between eWTPA and Valuable Capital Group Lt (VCG), a technology-driven financial solution provider offering services to millions of retail investors and over 500 institutional investors and corporate clients across the globe. Headquartered in Hong Kong S.A.R, VCG has operations in Mainland China, Hong Kong SAR, Malaysia, Singapore, New Zealand, and the United States.  Besides eWTPA, VCG is backed by prominent strategic investors, including Sina Group, the controlling shareholder of Weibo, known as the “Twitter of China.”

About eWTPA

eWTP Arabia Capital (‘eWTPA’) is a private equity firm based in Saudi Arabia and China backed by marquee investors - eWTP Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF).

eWTPA is focused on building technology enabled ecosystems in MENA by partnering with market leading Chinese businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. eWTPA takes pride in its ability to offer comprehensive support to its portfolio companies, empowering them to explore and succeed in strategic markets across the MENA region.

Established in 2019, eWTPA is now the preferred partner for Chinese industry leaders seeking to enter the MENA region. Through its US$400 million Fund I, the firm has invested in 18 companies in the digital sector, 13 of which have already established themselves successfully in the region. Investments include the hugely successful Saudi Cloud Computing Company, the leading provider of cloud services in KSA, J&T Express, which is now the fastest growing logistics provider in the country, and Valuable Financial Group, the first international fintech company licensed to conduct dealing, custody and advisory activities in the Kingdom.

The firm’s core investment strategy is to leverage technologies, products and business models proven in China, and Asia more broadly, to address market opportunities created by the economic transformation currently underway in MENA the region. eWTPA focuses on four key investment themes: digital technology, advanced manufacturing, energy transition, and food security.

To eWTPA, success is the ability to provide superior risk-adjusted returns for its investors while making a positive impact in the region by co-developing local technology eco-systems, human capital, and capabilities.

About VCFC

VCFC, registered in Riyadh in 2022, is a joint venture between Valuable Capital Group Limited (VCGL) and eWTP Arabia Capital (eWTPA). VCGL, the parent company of VCFC, is a leading technology-driven financial solution provider founded in Hong Kong. The success of VCGL in Hong Kong has equipped VCFC with the resources to provide the latest technologies and trading systems for brokerage businesses in Saudi Arabia. With its experience in technology and mature products, VCFC is well-positioned to leverage its capabilities and drive innovation in the Saudi Arabian financial market.