Exclusive FNG… Kuwait-based online brokerage NCM Financial has plans to expand into the UK, FNG has learned.
NCM set up a new UK subsidiary NCM Financial UK Ltd in late 2021 and in 2022 began the process of applying for an FCA license for the new entity. The FCA license was officially granted to NCM earlier this week on 22 July.
To date, the group has infused £3.75m of capital into NCM UK.
NCM UK has also started to staff. The company has brought in former CFI UK branch manager Richard Wynn as Chair of the NCM UK Governing Body and former Exinity head of compliance Simon Henry as Executive Director and Chief Compliance Officer.
Headquartered in Kuwait, NCM Financial operates brokerage operations primarily in the MENA region, with offices in Kuwait, Jordan, Turkey and Malaysia. Earlier this year the group received an SCA Class 1 license for its UAE subsidiary NCM Investment Company KSCC.
NCM is a core holding company of Eshraq Investments’ Goldilocks Fund, which acquired a majority stake of 51% in the company in 2022. NCM was founded in 2009 by Kuwaiti businessman Naser Al Marri and also operates the Noor Capital Markets brand online. Globally, NCM is run day to day since 2012 by CEO Khurram Sayeed.