On Monday, China’s state backed news agency Xinhua reported, the Hong Kong branch of Standard Chartered has applied for a brokerage license in mainland China.

The application was accepted by the China Securities Regulatory Commission (CSRC) on October 10. Standard Chartered is now approved to set up a securities firm in the mainland.

In a statement the HK unit of StanChart said, it was “looking to further develop onshore business through acquiring new licenses”.

On April 1, 2020, China scrapped foreign ownership caps on securities firms and mutual funds as part of an interim U.S.-China trade deal that it signed with Washington in January.

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