Octagonal Opens Hong Kong Office In Order To Seek Regulatory Approval

LONDON (Alliance News) - Octagonal PLC on Thursday said it has now opened a new office in Hong ...


Alliance News | 2 March, 2017 | 1:29PM

LONDON (Alliance News) - Octagonal PLC on Thursday said it has now opened a new office in Hong Kong, and intends to incorporate a Hong Kong subsidiary to apply for regulatory approval to provide its custody and settlement services to customers in South East Asia.

"As a result of growing client enquiries and peer group analysis, the board has now established an office in Hong Kong and will be preparing an application to the Securities & Futures Commission for the appropriate regulatory approvals to provide custody and settlement services," said Chief Executive Officer John Gunn in a statement.

"We anticipate that the initial licensing process may take up to six months and have retained a Hong Kong based consultancy to project manage this expansion responsibly and cost effectively. This consultancy has clear reporting duties and channels to our UK team", Gunn added.

Shares in Octagonal were untraded Thursday afternoon, last closing at 2.60 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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