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

  • Hundreds of children in hospital with dengue

    A serious dengue fever epidemic is affecting Cambodia, with nearly 600 children hospitalised in the five Kantha Bopha Children’s Hospitals on Monday alone, a statement posted on the Kantha Bopha Foundation’s official Facebook page said on Wednesday. Because Kantha Bopha Children’s Hospitals provide

  • Sihanoukville building collapse death toll rises to 19

    Minister of Interior Sar Kheng said on Sunday that the government will act against those responsible for the collapse of a seven-storey building in Sihanoukville on Saturday, which resulted in 19 dead and 24 injured as of Sunday evening. Sar Kheng said three Chinese nationals and one

  • Gov’t to probe Chinese exports to US via Sihanoukville

    The government is investigating allegations that Chinese companies are using Chinese-owned special economic zones in Cambodia to export goods to the US and avoid tariffs, said Ministry of Commerce spokesman Seang Thay. The move comes after US embassy spokesman Arend Zwartjes said the US had

  • Banh: The Khmer Rouge worse than sanctions and pressure

    Minister of National Defence Tea Banh said on Thursday that having sanctions and external pressure placed on Cambodia was not worse than life under the brutal Khmer Rouge regime. Tea Banh, who is also deputy prime minister, was speaking to military and ruling party officials