Webull, a popular
online retail trading platform originating from the US, is in talks with South
Korean financial regulators to secure approval to offer its services directly
to Korean retail investors, according to the Financial Supervisory Service
(FSS) officials.
The move
would make Webull the first foreign company to enter Korea’s retail stock
trading industry. While formal license applications have not yet been
submitted, the FSS has provided guidance to Webull on regulatory and approval
requirements.
“Webull
has yet to formally apply,” FSS official, cited by The Korea Times, said.
“We are currently in the phase of providing guidance on domestic
regulations and approval requirements.”
Founded in
2017 in New York, Webull has grown rapidly by offering commission-free trades
of US stocks and exchange -traded funds (ETFs), as well as analytical tools and
data sought after by individual investors. The company set up an office in
Korea in 2022 to support its global expansion efforts into markets like Hong
Kong, Singapore and Japan.
Plans
emerged a month after the broker appointed Anthony Denier as the President of
its entire Group, who previously held the position of president of the
branch in the USA. His goal is to build the entity’s global expansion.
South
Korean regulators have reacted positively to Webull’s plans, believing the
popular trading platform could stimulate competition and innovation in the
domestic retail brokerage business. Interestingly, Webull was already used by
Korean investors. However, they could not execute direct trades, the platform
was helpful when conducting US stock research.
With its
convenience, low fees and familiarity among Korea’s active trading community, Webull
can make strong inroads if it maintains these strengths after entering the
market. Especially since last week, the platform added new functionality by
integrating with TradingView. Now, Webull clients can trade directly from the
charts of the popular platform. A month earlier, the broker offered its clients
in the USA the opportunity to use TradingView’s analytical tools.
Webull Targets New Markets
Since
October, Webull has been distinctly expanding into markets where it previously
did not offer its products and services. The expansion journey began in
Indonesia, followed by an entry into Mexico in November, and in December,
Webull introduced a new passive investment and savings offer in Australia.
At the
start of the new year, Webull also expanded its presence into Canada, a
neighbor of the USA. The firm operates in this new market through its
authorized subsidiary, Webull Securities (Canada) Ltd.
The most
recent move also took place in the Americas, this time in Brazil. To enhance
its service to Brazilian clients, Webull has opened a local office in Sao
Paulo, staffed with specialists who provide support in Portuguese.
Additionally,
to strengthen its foothold in the Brazilian market, Webull announced its plan
to acquire H.H. Picchioni S/A Corretora de Câmbio e Valores Mobiliários. This
brokerage firm boasts over 50 years of experience in the Brazilian financial
sector, marking a significant step in Webull’s strategy to solidify its
presence in international markets.
Webull, a popular
online retail trading platform originating from the US, is in talks with South
Korean financial regulators to secure approval to offer its services directly
to Korean retail investors, according to the Financial Supervisory Service
(FSS) officials.
The move
would make Webull the first foreign company to enter Korea’s retail stock
trading industry. While formal license applications have not yet been
submitted, the FSS has provided guidance to Webull on regulatory and approval
requirements.
“Webull
has yet to formally apply,” FSS official, cited by The Korea Times, said.
“We are currently in the phase of providing guidance on domestic
regulations and approval requirements.”
Founded in
2017 in New York, Webull has grown rapidly by offering commission-free trades
of US stocks and exchange -traded funds (ETFs), as well as analytical tools and
data sought after by individual investors. The company set up an office in
Korea in 2022 to support its global expansion efforts into markets like Hong
Kong, Singapore and Japan.
Plans
emerged a month after the broker appointed Anthony Denier as the President of
its entire Group, who previously held the position of president of the
branch in the USA. His goal is to build the entity’s global expansion.
South
Korean regulators have reacted positively to Webull’s plans, believing the
popular trading platform could stimulate competition and innovation in the
domestic retail brokerage business. Interestingly, Webull was already used by
Korean investors. However, they could not execute direct trades, the platform
was helpful when conducting US stock research.
With its
convenience, low fees and familiarity among Korea’s active trading community, Webull
can make strong inroads if it maintains these strengths after entering the
market. Especially since last week, the platform added new functionality by
integrating with TradingView. Now, Webull clients can trade directly from the
charts of the popular platform. A month earlier, the broker offered its clients
in the USA the opportunity to use TradingView’s analytical tools.
Webull Targets New Markets
Since
October, Webull has been distinctly expanding into markets where it previously
did not offer its products and services. The expansion journey began in
Indonesia, followed by an entry into Mexico in November, and in December,
Webull introduced a new passive investment and savings offer in Australia.
At the
start of the new year, Webull also expanded its presence into Canada, a
neighbor of the USA. The firm operates in this new market through its
authorized subsidiary, Webull Securities (Canada) Ltd.
The most
recent move also took place in the Americas, this time in Brazil. To enhance
its service to Brazilian clients, Webull has opened a local office in Sao
Paulo, staffed with specialists who provide support in Portuguese.
Additionally,
to strengthen its foothold in the Brazilian market, Webull announced its plan
to acquire H.H. Picchioni S/A Corretora de Câmbio e Valores Mobiliários. This
brokerage firm boasts over 50 years of experience in the Brazilian financial
sector, marking a significant step in Webull’s strategy to solidify its
presence in international markets.
