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.

MOST VIEWED

  • Body of woman killed in Bangkok returns

    The Cambodian embassy in Thailand is working to repatriate the body of a casino dealer who was shot dead in Bangkok on Monday night. Ministry of Foreign Affairs and International Cooperation spokesman Kuy Kuong told The Post on Wednesday that officials are preparing paperwork to

  • Chikungunya hits 15 provinces, says gov’t

    Ministry of Health spokeswoman Or Vandine said on Thursday that the chikungunya outbreak in the Kingdom has spread to 15 provinces. Some 1,700 people are now suspected to have the disease. Vandine urged people to prevent its further spread by eliminating shelters for the Aedes aegypti mosquitoes

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng

  • Bill covering dress code draws ire

    Ministry of Interior secretary of state Ouk Kim Lek responded on Tuesday to criticism concerning a draft law that would ban women from wearing overly revealing clothing, saying that input from all parties will be considered as the law moves through the promulgation process. Several

  • Passing the test: Is Cambodia’s education system failing its people?

    The Kingdom’s education system needs to grow its people but some flaws might stifle​ this growth Coming from the Khmer Rouge occupation, with the loss of many scholars and academicians and a collapsed government, the education system had to be reconstructed from scratch – one

  • What’s the deal with Cambodia and China’s FTA?

    Cambodia’s Free Trade Agreement (FTA) with China kicks off a series of FTAs in future but for now, critics wonder what else the parties could bring to the table apart from what it already has to date By the end of this year, Cambodia