Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - New firm seeks to enter gold trading

New firm seeks to enter gold trading

Traffic passes the Securities and Exchange Commission of Cambodia in Phnom Penh’s Sen Sok district in 2014.
Traffic passes the Securities and Exchange Commission of Cambodia in Phnom Penh’s Sen Sok district in 2014. Hong Menea

New firm seeks to enter gold trading

Golden FX Link (Cambodia) has joined in the running to become a legally licensed firm to trade derivatives. With a registered capital of $5 million, Lawrence Kook, Director of Golden FX Link, said that the company received a license in principle from the Securities and Exchange Commission of Cambodia (SECC).

“There is a great potential to build up Cambodia’s financial markets, and improve the standards and quality of trading,” he said. The firm will focus on the global foreign currency (forex) markets, as well as trading gold, silver and oil.

According to Kook, the newly established Cambodian company has formed a cooperation agreement with First Asia Merchants Bullion Limited – a Hong-Kong-based risk management firm.

While he said that his company is part of a worldwide derivatives network that operates close to 28,000 branches across the world, he admitted that not all of them have been successful.

Beyond trading derivatives, the company is offering physical investments in gold coins. “Clients can make earnings from trading gold online or from buying coins,” he said.

Sok Dara, deputy director-general at the SECC, confirmed that the company had been given approval, but had yet to meet the minimum requirements.

“Since we have given them a license in principal they can see which products are most suitable for the Cambodian market. But before they can begin trading we need to check their product proposals,” he said.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all