CNBC: Cliff Sheng On TD Ameritrade’s New Partnership With WeChat
December 05, 2018
US brokerage firm TD Ameritrade has opened a new portal on WeChat for US users. It is the first time a US brokerage firm has partnered with WeChat in America. Oliver Wyman partner Cliff Sheng comments on global firms increasing their presence in China in a CNBC.
"In the past six months there's an increasing appetite from the multinational corporations to double down and increase their presence in China. That of course was triggered by new regulation for allowing majority stakes," Cliff Sheng, financial services partner at consulting firm Oliver Wyman, said in a phone interview Monday.
Sheng noted the ability of foreign financial firms to succeed in China depends on how much they can commit to localizing their services. "This is the primary concern for the foreign players on top of getting the license," he said.
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