[Alpha Biz=(Chicago) Reporter Kim Jisun] "Webull," an online stock trading platform (MTS) company that is gaining popularity among global individual investors, has begun to enter the local stock brokerage market in earnest. Wibul is rapidly expanding its global business by providing a variety of charts along with a free commission policy for U.S. stocks.
According to the financial investment industry on the 20th, Webull recently asked the financial authorities about the securities brokerage authorization process. The securities brokerage industry is divided into preliminary and principal approval procedures, and the Webull is in the process of looking into related procedures before submitting a formal approval application. When the Financial Services Commission receives an application from the Webull, it will entrust the Financial Supervisory Service to review the approval of the securities brokerage business. It is a structure in which the Financial Services Commission makes a final decision on whether to approve or not after the screening.
If the financial authorities approve the securities brokerage business to the Webull, it will be the first foreign securities firm to directly enter the country and conduct a brokerage business for individuals. Yuanta Securities currently provides related services as a foreign securities firm, but this is an example of its acquisition of Tongyang Securities in 2014.
Webull is a fintech startup founded by Alibaba Group Holdings in 2017. Starting with Hong Kong in 2020, it is speeding up global expansion such as Singapore, Australia, South Africa, Japan, the United Kingdom, Indonesia and Canada. In March 2022, it established a preparatory corporation for Webul Korea to enter the domestic market and has been preparing to enter the domestic market by appointing CEO Lee Won-jae in July last year.
Webull does not charge fees when trading stocks, Exchange Traded Fund (ETF), options, etc. listed on the US exchange. It is characterized by receiving a small fee only when selling stocks.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
