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Thursday, April 28, 2022

Zawya - Century Financial, UAE’s oldest investment services firm acquires the new Category1 SCA license

By Bal Krishen in 'Century in News'

Zawya - Century Financial, UAE’s oldest...
Bal Krishen, Special to Zawya April 28, 2022

Dubai, United Arab Emirates: Century Financial, one of the pioneers of the global financial markets investments in the UAE has further strengthened its three decades of market leadership by acquiring the new Category1 SCA license.

The company has had a long history of dealing with UAE based investors over the years and has been one of the very few UAE regulated financial service providers in the market.

This legacy and local market knowledge has given Century a deep understanding of the UAE investor base and the investment landscape. The company has been a forerunner in the industry actively collaborating with local regulators and government entities to develop UAE as a hub for global investment by sharing its learnings in the ever-evolving capital markets.

In May 2021, the Securities and Commodities Authority (SCA) released a new and consolidated ‘Rulebook’, which brought about major changes to the securities trading and brokerage regime in the UAE. It set out updated guidelines for licensing requirements for SCA-licensed firms.

In line with the above changes, Century Financial is now a Category 1 licensed firm by the UAE regulator to offer the following activities:

Trading broker in the international markets

Trading broker of OTC derivatives and currencies in the spot market

Commenting on this major milestone for the company, Mr. Bal Krishen, Chairman & CEO of Century Financial stated “We are proud to be regulated by SCA and congratulate them for bringing these positive changes in the licensing structure for the UAE financial markets. These changes are in line with the best global practices in the industry that will help UAE based companies like us, who are committed to providing high-quality services upholding the principle of transparency and protection by the regulator.”

The UAE-based firm has been a leading investment services powerhouse empowering the investors across the entire region offering cutting-edge online trading solutions with a customer-centric business approach. The recent license upgrade opens new opportunities for investors to trade with confidence due to the better protection by the regulation.

Source:
Zawya

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