Asian Tech Press -- Ueda Yagi Money Broking (China) Co Ltd, the first wholly foreign-owned money market broker in China and the first foreign-licensed financial institution in an urban sub-center, has formally started its business in Beijing.

The company is a wholly-owned subsidiary of Japan's Ueda Yagi Tanshi Co. Ltd., engaged in money brokerage business in Beijing. It was approved for establishment by China's banking and insurance regulator in September 2020, with a registered capital of 60 million yuan.

The new firm is entitled to operate brokerage business in forex, money, and bond markets, as Reuters said.