Webull, a US broker, has held preliminary talks with South Korean authorities to obtain a license to offer its services in the country's market.
"Webull has not yet submitted a formal application," said a spokesman for South Korea's Financial Supervisory Service.
"We are currently in the process of providing guidance on internal regulations and licensing requirements," he added.
The spokesman emphasized that Webull has a good chance of being approved because a company with an excellent reputation will increase competition in the local securities sector.
If Webull is approved, it will be the first foreign company to enter South Korea's retail stock trading industry, The Korea Times informed.
The broker is expected to maintain its low fees and provide a full suite of high-quality analytical tools for South Korean users.
Experts also believe that Webull's entry into the South Korean market will provide an opportunity for local traders interested in international stocks to directly trade US stocks.
The interest of South Korean traders in foreign stocks has been growing rapidly since 2020.
Broker Webull was founded in 2017 and offers its clients a wide range of stock market assets, professional analysis, and an intuitive trading platform with various technical and fundamental analysis tools.
In 2022, Webull opened an overseas division in South Korea as part of its entry into the Korean market.
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