Vortex to expand into offshore digital assets exchange market

KUALA LUMPUR, July 16 (Bernama) -- Vortex Consolidated Bhd's wholly-owned subsidiary, VDex Limited, has received the green light from the Labuan Financial Services Authority (LFSA) to operate an offshore money-broking business there.

The information technology and property construction group, which began to diversify into money lending recently, said this was in line with its strategic move into the financial services and financial institution sector.

“The money-broking licence will allow the company to deal in the digital assets exchange market once the company satisfies LFSA’s conditions,” Vortex (formerly SKH Consortium Bhd) said in a statement today.

In April, the group secured a money-lending licence through the acquisition of Valhalla Holdings Sdn Bhd, which owns 100 per cent of licensed money-lender Valhalla Capital Sdn Bhd.

Vortex had also set up Vortex Asset Management Sdn Bhd to venture into asset management services in the near future, it said.

Vortex chairman Kamari Zaman Juhari said VDex would work closely with regulators and banks to provide customers with regulated and protected trading and/or storing of crypto-currencies or digital assets. 

He added that VDex would position its business to achieve the full potential by taking advantage of the incentives provided by LFSA.

Meanwhile, Vortex also aims to expand its services progressively to include offshore insurance, offshore investment banking, asset management, money lending, offshore money-broking and other relevant products and services.

The group believes this is a platform to work towards building a full-fledged financial institution.

-- BERNAMA