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Vortex gets approval for offshore money-broking business

TheEdge Wed, Jul 17, 2019 10:07am - 10 months ago

KUALA LUMPUR: Vortex Consolidated Bhd, formerly known as SKH Consortium Bhd, has announced that it had been granted approval from the Labuan Financial Services Authority (LFSA) to carry out its offshore money-broking business.

Vortex said in a statement yesterday that the approval, granted through its wholly-owned VDex Ltd, is in line with the group’s strategic direction into the financial services and financial institution (FI) sector. The licence will allow it to deal in the digital asset exchange market once it satisfies LFSA’s conditions, it said.

The development came after Vortex announced in April it had obtained a moneylending licence through the acquisition of Valhalla Holdings Sdn Bhd, which owns licensed moneylending company, Valhalla Capital Sdn Bhd. The group also set up Vortex Asset Management Sdn Bhd to venture into asset management services.

“VDex will work closely with our regulators and banks to provide customers with regulated and protected trading and/or storing of cryptocurrencies or digital assets. We aim to deliver secured digital exchange broking services, so that customers can enjoy high-transparency and protected investments,” said Vortex chairman Kamari Zaman Juhari.

Once the digital asset exchange business is rolled out, the group believes it will contribute positively to future earnings.

Vortex also aims to expand its services progressively to include offshore insurance, offshore investment banking, asset management, moneylending, offshore money-broking and other relevant products and services. The group believes this is a platform to work towards building a full-fledged FI.

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