malaysiang
KUALA LUMPUR, EBC Financial Group (UK) Ltd chief executive officer (CEO), David Barrett shed light on the group’s strategic growth halfway into 2024, the regulatory landscape, and prospects in the global brokerage market, in a recent series of interviews with World Finance.
Established in 2020, despite the height of the COVID-19 pandemic, EBC Financial Group has experienced remarkable growth, particularly in the Asia Pacific (APAC) region, to which Barrett highlighted the unique factors driving this expansion, including the region’s age demographic, increasing technology awareness, and rising personal disposable income.
“APAC has been the main driver. The growth in virtually every broker’s client base has come from that region. There is a young audience, they are gathering online more, they have better access to tech, the ability to connect is much, much better than it always used to be,” he said.
In a statement, Barrett also addressed the increasing challenges in the onshore brokerage market, driven by t
ightening regulations and rising operational costs, highlighting the political influence on onshore regulations in the European Economic Area (EEA).
“The regulators in mature jurisdictions will continue to be tough. I think we will see more and more of the smaller players getting driven out of those jurisdictions because the friction costs of maintaining a business is very high,” he explained.
EBC Financial Group has capitalised on growth opportunities by establishing offices in Bogotá, Singapore, and Kuala Lumpur, and recently obtaining a full regulatory licence from the Cayman Islands Monetary Authority (CIMA).
The company’s growth is further bolstered by strategic partnerships, including a recent three-and-a-half-year collaboration with FC Barcelona. He also emphasised the company’s efforts to stand out in a crowded market through robust brand recognition and quality staff recruitment.
Looking ahead, Barrett noted that the brokerage industry faces several challenges. He predicted that the consolidation
trend in the brokerage industry will continue, with smaller players finding it increasingly difficult to survive onshore due to high regulatory and operational costs, which will likely push some brokers to explore offshore.
In discussing the company’s rapid growth, Barrett shared insights on overcoming challenges such as clone attacks and has since partnered with a globally well-renowned cybersecurity firm to monitor and protect its digital presence worldwide.
With a focus on sustainable growth, robust regulatory compliance, and strategic partnerships, EBC Financial Group is well-positioned to navigate the evolving financial landscape, while continuing to grow, with over 300 employees.
Source: BERNAMA News Agency
