Kunlun Disengages Then Expands Clientele
KVB Kunlun Financial Group Limited announced that it completed disengaging with some Australian and New Zealand subsidiaries. They have also consequently disengaged with clients in the People’s Republic of China.
The Hong Kong Exchanges and Clearing Limited ceased offering their services to anyone who is a PRC domestic client. PRC heightened regulation made them withdraw from firms who were unable to provide proof of actual or potential domestic clients.
Ninety-five percent of the Group’s clients were identified as such and were already disengaged. The company claims to refocus its efforts to maintain the remaining percentage while expanding its client base.
The broker’s targets include Chinese speaking and non-Chinese speaking clients in Australia and New Zealand.
Last April, the Australian Securities and Investments Commission urged firms to suspend onboarding supposed unregulated clients from abroad. Although the announcement was more about the European Union, China was mentioned as a critical contributor to Australia’s economy.
Kunlun Strategies
Kunlun is in the process of recruiting knowledgeable personnel in the forex industry. The company plans to retrieve a staff with relevant experience to join the company in strengthening its current marketing and business.
The Group recently hired two new officers approved by the Securities and Futures Commission in Hong Kong. In line with this, they also plan to hire candidates in the province along with its two added subsidiaries.
In preparation for brand rebuilding, the brokerage will carry out marketing activities and seminars with local associations. To introduce its new brand, it will launch a digital campaign and sponsor events for more exposure in New Zealand and Australia.
Kunlun is also finalizing its website designs and upgrading its information technology systems. A mobile forex trading app is on its way for client’s more convenient access to trade products in the Group.
The Board claimed all financial regulatory licenses in its three branches remain in full effect.
