JP Morgan and Nomura have won Chinese regulatory approval to set up majority-owned brokerage joint ventures, in China’s latest move to open its financial sector up to foreign firms.

The China Securities Regulatory Commission (CSRC) said on Friday it will continue to approve foreign brokerage joint ventures (JVs), after announcing its decision for the two banks, each with 51 percent of foreign ownership.

Allowing foreign banks a controlling stake in securities joint ventures is a key part of China's pledge to ease ownership curbs, especially in the trillion-dollar financial sector.

Western banks including Goldman Sachs, Morgan Stanley and Credit Suisse run joint ventures, whose offerings include debt and equity underwriting and financial advisory, with varying degrees of operational control.

Beijing gave UBS approval in November to hold a majority stake in its securities joint venture, making it the first foreign bank to do so under new rules announced in 2017.

JP Morgan and Nomura applied to set up majority-controlled joint ventures in China last year. But unlike UBS, neither has a mainland joint venture and would need to start from scratch.

"It's a critical component of our growth plans globally as well as in the Asia Pacific," JP Morgan Asia Pacific Chairman and Chief Executive Nicolas Aguzin, said.

Nomura said it's China joint venture would initially focus on the wealth management business, and expand its offerings "with the ultimate goal of growing the business into a full-fledged brokerage."

"With an increased presence in China, we aim to support economic growth in both China and Japan and firmly establish ourselves as a global financial services group with deep roots in Asia," Nomura Chief Executive Koji Nagai said

Premier Li Keqiang said on Thursday that Beijing will expand market access for foreign banks and securities and insurance companies, especially in financial services.

China has in recent years allowed many foreign financial firms to either set up new businesses onshore or expand their presence through majority ownership in joint ventures.