The first digital stock exchange in Vanuatu pioneered by investor Amy Feung is now operating from its new office opened by the Deputy Prime Minister and Minister of Trades and Business, Bob Loughman.
After being granted with a security dealers license by the Vanuatu Financial Service Commission (VFSC), the private company is now carrying out trading activities overseas.
It has been tapping into the Hong Kong and China markets.
The company is called Vanuatu National Digital Stock Exchange (VNDSX).
Its new office located at the 2nd floor of the Air Vanuatu Building in Port Vila is where buyers and sellers meet to trade stocks or assets electronically.
Stock exchange is a new type of trading business that can positively grow economic growth.
Minister Loughman said: “I understand the business will provide employment and of course, the government will receive indirect fees/taxes collected through the volume of transactions it (the business) will generate.
“It will also give small investors a chance to invest in companies once the law permits locally”.
Currently there are no laws regulating stock exchange in Vanuatu.
However, Minister Loughman assured that the government will make sure that the operation of this new business is regulated.
“It is the aim of this government to support investors who are willing to make business in Vanuatu.
“If there is no law to regulate then it will take necessary steps to make those appropriate legislations
“It is the duty of the government to ensure investors are secured while doing business in Vanuatu.
“The government will support this business and will make sure a regulator exists to regulate its operation as it will bring economic benefits”, he said.
The former opposition deputy leader and Member of Parliament (MP) for Malekula, Sato Kilman, said he is happy Vanuatu is embracing this innovative business, something it has been talking about over the past years.
“There are benefits and products the business can offer. It’s important that whatever we do, we must do it properly”, he added.
Investor Feung is applauded for taking lead in the business in Vanuatu.
Venturing into the business is not easy regarding the nature of its market thus, there will always be challenges, said Minister Loughman.
The VNDSX Compliance Officer said her job is to make sure the company operates legally and not bring any harm to the people of Vanuatu.