Japanese forex brokerage group GMO Click Holdings (TYO:7177) said on Thursday it decided earlier in the day to set up a subsidiary unit in Thailand. The planned name for the new unit is GMO-Z com Trade (Thailand) Ltd.
The Thai unit is expected to be established by the end of 2016 with a capital of THB 3 million, or about JPY 1 million (some €2.6 million).
The company has decided on the move due to the high potential of the market, since demand for financial services in Thailand is expected to increase in the future.
The GMO Click group consists of the holding company GMO Click Holdings, and its subsidiaries GMO Click Securities and FX Prime by GMO Corp., both based in Japan, Hong Kong-based GMO-Z.com Forex HK and GMO-Z.com Bullion HK, and London-based GMO-Z.com Trade UK.
Thailand is one of the leading forex markets in Asia. It had a trading turnover from over-the-counter (OTC) forex of $11 billion in April 2016, according to the latest annual survey by the Bank for International Settlements (BIS). Some of the brokers that actively launched operations in Thailand in the past year include Forex Capital Markets (FXCM), FBS, RoboForex, FxPrimus, Exness, and Pepperstone.