Webull, a popular online retail trading platform originating from the US, is in talks with South Korean financial regulators to secure approval to offer its services directly to Korean retail investors, according to the Financial Supervisory Service (FSS) officials.
US Trading Platform Webull Seeks Entry into South Korea's Market
The move would make Webull the first foreign company to enter South Korea's retail stock trading industry. While formal license applications have not yet been submitted, the FSS has provided guidance to Webull on regulatory and approval requirements.
"Webull has yet to formally apply," FSS official, cited by The Korea Times, said. "We are currently in the phase of providing guidance on domestic regulations and approval requirements."
Founded in 2017 in New York, Webull has grown rapidly by offering commission-free trades of US stocks and exchange -traded funds, as well as analytical tools and data sought by individual investors. The company set up an office in Korea in 2022 to support its global expansion efforts into markets like Hong Kong, Singapore and Japan.
Plans emerged a month after the broker appointed Anthony Denier as the President of its entire Group who previously held the position of president of the branch in the USA. His goal is to build the entity's global expansion.
South Korean regulators have reacted positively to Webull's plans, seeing the potential of the popular trading platform to invigorate competition and innovation in the domestic retail brokerage sector. Korean investors were already utilizing Webull, albeit unable to execute direct trades. Despite this limitation, the platform proved valuable for conducting research on US stocks.
Webull stands poised to make significant strides in Korea's active trading community, leveraging its convenience, minimal fees, and existing popularity. Its recent integration with TradingView adds another layer of functionality, allowing clients to trade seamlessly from the platform's charts. Just a month prior, Webull extended this capability to its clients in the USA, enhancing their access to TradingView's analytical tools.
Webull Targets New Markets
Since October, Webull has been distinctly expanding into markets where it previously did not offer its products and services. The expansion journey began in Indonesia, followed by an entry into Mexico in November, and in December, Webull introduced a new passive investment and savings offer in Australia.
At the start of the new year, Webull expanded its presence into Canada. The firm operates in this new market through its authorized subsidiary, Webull Securities (Canada) Ltd.
The most recent move took place in the Americas, this time in Brazil. To enhance its service to Brazilian clients, Webull has opened a local office in Sao Paulo, staffed with specialists who provide support in Portuguese.
Additionally, to strengthen its foothold in the Brazilian market, Webull announced its plan to acquire H.H. Picchioni S/A Corretora de Câmbio e Valores Mobiliários. This brokerage firm boasts over 50 years of experience in the Brazilian financial sector, marking a significant step in Webull's strategy to solidify its presence in international markets.
