Formax Group Received FCA (UK) License
BEIJING, China, Feb. 9, 2015 /PRNewswire/ -- Emerging Internet investment bank Formax Group announced on February 3 that its subsidiary Formax Prime Capital (UK) Ltd has formally received Financial Conduct Authority (UK) license (Number: 624225). The query status on the FCA official website has been updated to "authorized" and "able to hold and control client money". Under the supervision of the FCA, Formax Group can conduct global transactions of various financial instruments through its subsidiaries and is entitled to hold client money legally.
In March, 2014, Formax Group set up a subsidiary in UK. The granting of the FCA license is a significant milestone in the development process for Formax Group. Formax UK expects to provide financial services for countries and regions approved by the European Commission within the next two months. All of its business activities including the implementation of anti-money laundering controls as well as the handling of client deposits and withdrawals in the EU shall be in full and strict compliance with the requirements of the FCA.
Apart from the FCA license, Formax Group also holds New Zealand FSP License (207987), Hong Kong License No.1/No.9 and certification as a private investment fund manager in China through its subsidiaries. Formax Financing Community is Formax Group's one-stop financial transaction network platform, which provides mobile and online financial services under the various licenses of its affiliated companies, with investment options covering stocks, funds, foreign currencies, commodities and P2P, among other investment vehicles. Clients who conduct any of the aforementioned transactions within the Formax Financing Community will be under the protection of corresponding financial supervisory authorities. Formax has also implemented its own highly standardized risk control system, with the caveat that, whenever the standards of the FCA requirement are in any way more stringent than that of the bank's own, those of the FCA shall automatically be applied.
SOURCE Formax Group
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