Tiger Trade to Include Crypto Trading for Hong Kong Investors (Finance Magnates)
UP Fintech
Holding Limited, the Tiger Trade online brokerage operator, has received
approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade
its license to include dealing in virtual assets. This makes UP Fintech one of
the first brokerages in Hong Kong to offer crypto trading services.
Hong Kong Regulator
Approves UP Fintech for Virtual Asset Trading
The license
upgrade allows Tiger Trade to provide Bitcoin, Ethereum and other
cryptocurrency trading to professional investors in Hong Kong who meet certain
wealth thresholds.
“Investor
demand for digital assets continues to grow in Hong Kong and around the world,
and we are pleased to expand our business scope to meet the growing demand of
clients in this important market,” said John Fei Zeng, the CFO of UP
Fintech.
UP Fintech
aims to offer clients a seamless trading experience across different asset
classes from a single account by integrating cryptocurrency trading into the
Tiger Trade platform alongside stocks, options, futures, and funds.
Centralized Platform for
Traditional and Crypto Assets
The unified
Tiger Trade platform is designed to provide professional investors convenient
access to both traditional securities and crypto. This enables clients to
evaluate their complete portfolio risk across assets.
Over the
past year, Tiger Trade has grown its user base in Hong Kong by offering
zero-commission trading in Hong Kong stocks along with new products like
fractional share trading. According to the latest data from Q3 2023, the total
number of the company’s clients reached nearly 900,000.
“Eligible
clients will benefit from our low costs and the ability to trade crypto
alongside many other global products from a single unified platform without
needing to open an extra account,” Zeng added.
In the
future, UP Fintech plans to also open its cryptocurrency trading services to
retail investors in Hong Kong after obtaining further regulatory approvals.
Tiger Fund Management and
TigerGPT
The company
has been actively expanding its offerings in 2023. In May, its affiliate Tiger
Fund Management (TFM) received approval from the Monetary Authority of
Singapore (MAS) for its licenses to Capital Market Services and Fund Management.
With over SGD 300 million ($220 million) already under management, TFM aims to
provide asset and wealth management services to individual and institutional
investors in Singapore under the MAS radar.
Earlier in
2023, Tiger Brokers also introduced its own alternative to the popular AI
chatbot ChatGPT, called TigerGPT. The company claimed this was the first AI
trading assistant released in the industry.
As Finance
Magnates reported, ChatGPT has received widespread praise in recent times.
AI technologies, such as machine learning, have significantly impacted trading
data analysis.
This article was written by Damian Chmiel at www.financemagnates.com.
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