(Yicai) Dec. 12 -- Standard Chartered Securities China said it has secured a business license from regulators and will open its doors in the first half of next year, taking advantage of the ongoing opening-up of the country’s financial sector.

The brokerage received initial approval from the China Securities Regulatory Commission to set up in China in February this year.

The Beijing-based firm has been approved for business in four areas, including securities underwriting and asset management. But unlike other foreign securities firms that have been given the nod in China, it will not join the stock brokerage business. Instead, it will focus on fixed income, a company source told Yicai.

The stock brokerage business requires huge investment, partly in terms of the personnel required, and the competition is already fierce among domestic enterprises in the sector, an industry insider told Yicai.

Other overseas financial firms are moving ahead with their securities business in China. Nomura Orient International Securities and JP Morgan Securities were authorized for business in 2019 and 2020, respectively. BNP Paribas has also submitted an application to the CSRC to set up a wholly owned brokerage.

Editors: Tang Shihua, Tom Litting