"Scope Markets Technically By no means Left China": CEO Spirin

In China, Scope Markets has resumed operations. Following Exit in 2021 Rostro Group’s brokerage model, Scope Markets, has reopened for business in China after leaving the country in 2021. The corporation has previously explained its exit strategy by pointing to financial difficulties and regulatory obstacles that had lowered customer demand for its services. In a recent interview, Pavel Spirin, the CEO of Scope Markets, stated to Finance Magnates that the company “technically never left China.” “We weren’t actively looking for new business, but we did continue to maintain a few heritage ties around the larger Asia region in full compliance with our regulatory licences. Importantly, expanding our activities through properly licenced local partners has provided the foundation for our return to actively participating in a few local marketplaces.
Since taking over earlier this year, Pavel has emphasised the value of local Chinese partners. The speaker stated that there are two primary distinctions between Chinese-speaking markets and other regions of the world. Firstly, there is a strong dependence on local partner networks, and a need for a highly localised operating infrastructure. These differences aren’t present, or not to the same degree, in other areas. The speaker also mentioned that Scope Markets, similar to other platforms, encounters challenges in locating “the appropriate local partner who can offer comprehensive guidance on effectively navigating the area.”
A few months after Rostro, its parent company, announced plans to expand services throughout Asia, the Middle East, and North Africa (MENA) area, Scope Markets relaunched its services in China. Spirin attested to the fact that the Chinese expansion is a component of that endeavour. “We are building and evolving the Scope Markets brand globally, and expanding into Asia is undoubtedly part of that strategy,” he continued. “MENA expansion is in the same category and is moving forward rather nicely. Our objective is to bridge the gap between the average consumer and the complexity of the global financial ecosystem in order to become the preeminent trading and investment platform globally within the next five years. This vision is reflected in both the present and the upcoming expansionary actions.
Trading services for forex and contracts for difference (CFDs) are provided by Scope Markets. It is one of the few brokers with local approval in Kenya, one of the fastest-growing African markets, and operates internationally under numerous licences. The broker is using its current licence for its activities in China. “We fully comply with our regulatory duties and operate in accordance with our current licences. The CEO said, “As a major player in the global financial services industry, we constantly work to strengthen our regulatory regime by interacting with both local and international regulators.
On the other hand, a number of other foreign trading platforms that provided services in mainland China faced resistance from the Chinese regulator. The two that were emphasised were UP FIntech, which conducts business as Tiger Brokers, and Futu. As government pressure mounted, several platforms removed their apps from mainland China’s online retailers. However, Spirin pointed out that these limitations only apply to foreign platforms that let Chinese citizens living in the mainland trade securities that are listed outside. According to what he understood, “they were offering mainland Chinese investors cross-border stock brokerage services at rates exceeding $50,000 per individual investor, which is against China’s cross-border stock holding regulation and consequently would be against the terms of the regulatory licences these brokers hold in other jurisdictions,” he stated. “Scope Markets strictly adheres to the terms of the regulatory licences we hold in order to provide cross-border services.”
The goal of taking the Scope Markets brand global was intensified even more.
“We shall persist in implementing expansionary tactics worldwide, taking into account the local regulatory environment and market prospects.” You may expect a significant makeover of the Scope Markets brand and product line over an extended period of time.

Putting money into automation, blockchain, and fintech
“We’re actively investing in products and expertise to stay in line with the international trends in fintech, such as trade- and invest-tech, advances in blockchain technology and self-service financial apps, AI, and progress in automation and data,” Spirin stated. We’re also keeping an eye on how the labour and investor markets are evolving, especially in Asia, the Middle East, Africa, and Europe. These developments are helping us build new products. For the next five years, Scope Markets has a lot planned, and I personally can’t wait to see it all come to pass.”