Reason for this visit

The international foreign exchange market in Hong Kong has been developing since the 1970s. Due to the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating foreign exchange business have mushroomed. The foreign exchange market has become more and more active, developing into an international foreign exchange market. The Hong Kong foreign exchange market is an invisible market with no fixed trading venue. Traders conduct foreign exchange transactions through various modern communication facilities and computer networks. Hong Kong's geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international foreign exchange markets. Participants in the Hong Kong foreign exchange market are mainly commercial banks and financial companies. There are three types of foreign exchange brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers, who expanded their business to the Hong Kong foreign exchange market after the 1970s; international brokers that developed in Hong Kong, whose business has expanded to foreign exchange markets abroad. In order to help investors or practitioners to have a more comprehensive understanding of foreign exchange brokers in Hong Kong, the survey team is going to pay on-site visits to local platforms.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker WOCOM (licensee: Wocom Limited) as planned according to its registered regulatory address that Room 1002, Wing On Centre, 111 Connaught Road Central, Sheung Wan, Hong Kong.

The survey personnel came to the destination on March 11, 2023, where a common office building is situated in a developed business area of Sheung Wan, with convenient transportation including MTR. On the ground floor is the time-honored Hong Kong “Wing An” department store. There are also plenty of shops, restaurants, residential buildings, and department stores nearby surrounded by a clean environment with huge crowds of people. 

After arriving at the building, the survey team saw that the 10/F was occupied by many companies of Wocom Group with its logo from the lobby and floor directory, while spotting the group company’s name and logo at the reception desk of its office on the 10th floor.

After an investigation, it is confirmed that WOCOM does have a physical presence here.

Conclusion

The investigators went to Hong Kong to visit forex broker WOCOM as scheduled, and found the company’s name and logo at its registered regulatory address, which indicates that it has a physical business office here. Unfortunately, the survey personnel were not able to enter the company for a special visit, so the specific scale of its business is unknown. Investors are advised to make a sensible choice based on a comprehensive consideration.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.