​New firm seeks to enter gold trading | Phnom Penh Post

New firm seeks to enter gold trading

Business

Publication date
26 May 2016 | 07:22 ICT

Reporter : Kali Kotoski

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

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.

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