Key Insights
- NCM Financial obtains FCA license for its UK subsidiary, NCM Financial UK Ltd.
- NCM injects £3.75 million into UK operations and appoints key leadership roles.
- The move is part of NCM’s broader international expansion strategy, following recent growth in the MENA region.
LONDON (MarketsXplora) – Kuwait-based online brokerage firm NCM Financial has taken a significant step towards international expansion with the acquisition of a license from the UK’s Financial Conduct Authority (FCA) for its newly established British subsidiary, NCM Financial UK Ltd.
The FCA formally granted the license on July 22, marking a pivotal moment for the Middle Eastern financial services provider as it seeks to establish a foothold in one of the world’s leading financial centers.
NCM Financial, which has primarily focused its operations in the MENA region since its founding in 2009 by Kuwaiti businessman Naser Al Marri, initiated its UK venture in late 2021 with the creation of NCM Financial UK Ltd. The company proceeded with its FCA license application in 2022, demonstrating its commitment to regulatory compliance in new markets.
To support this expansion, the group has invested £3.75 million ($4.8 million) in capital into its UK subsidiary, signaling its serious intentions for the British market.
As part of its UK strategy, NCM has made key appointments to lead its British operations. Richard Wynn, formerly of CFI UK, has been named Chair of the Governing Body of NCM UK. Simon Henry, who previously headed compliance at Exinity, joins as Executive Director and Compliance Director, bringing crucial regulatory expertise to the team.
NCM Financial’s global presence already spans several countries, with offices in Kuwait, Jordan, Turkey, and Malaysia. Earlier this year, the company further expanded its reach in the Gulf region by securing a Category 1 license from the Securities and Commodities Authority (SCA) for its subsidiary, NCM Investment Company KSCC, in the United Arab Emirates.
The brokerage firm, which also operates under the Noor Capital Markets brand, has been under the day-to-day leadership of CEO Khurram Sayeed since 2012. However, a significant shift in ownership occurred in 2022 when Eshraq Investments’ Goldilocks Fund acquired a 51% majority stake in the company.
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