World Crypto Global
- Written by: Damian Chmiel
- Thu, 25 Jan 2024
- Israel
UP FintechHolding Limited, the Tiger Trade online brokerage operator, has receivedapproval from the Hong Kong Securities and Futures Commission to upgradeits license to include dealing in virtual assets. This makes UP Fintech one ofthe first brokerages in Hong Kong to offer crypto trading services.Hong Kong RegulatorApproves UP Fintech for Virtual Asset TradingThe licenseupgrade allows Tiger Trade to provide Bitcoin, Ethereum and othercryptocurrency trading to professional investors in Hong Kong who meet certainwealth thresholds."Investordemand 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 ofclients in this important market," said John Fei Zeng, the CFO of UPFintech.UP Fintechaims to offer clients a seamless trading experience across different assetclasses from a single account by integrating cryptocurrency trading into theTiger Trade platform alongside stocks, options, futures, and funds.Centralized Platform forTraditional and Crypto AssetsThe unifiedTiger Trade platform is designed to provide professional investors convenientaccess to both traditional securities and crypto. This enables clients toevaluate their complete portfolio risk across their assets.Over thepast year, Tiger Trade has grown its user base in Hong Kong by offeringzero-commission trading in Hong Kong stocks along with new products likefractional share trading. According to the latest data from Q3 2023, the totalnumber of the company's clients reached nearly 900,000."Eligibleclients will benefit from our low costs and the ability to trade cryptoalongside many other global products from a single unified platform withoutneeding to open an extra account," Zeng added.In thefuture, UP Fintech plans to also open its cryptocurrency trading services toretail investors in Hong Kong after obtaining further regulatory approvals.Tiger Fund Management andTigerGPTThe companyhas been actively expanding its offerings in 2023. In May, its affiliate TigerFund Management (TFM) received approval from the Monetary Authority ofSingapore (MAS) for its licenses to Capital Market Services and Fund Management.With over SGD 300 million ($220 million) already under management, TFM aims toprovide asset and wealth management services to individual and institutionalinvestors in Singapore under the MAS radar.Earlier in2023, Tiger Brokers introduced its own alternative to the popular AIchatbot ChatGPT, called TigerGPT. The company claimed this was the first AItrading assistant released in the industry. As FinanceMagnates reported, ChatGPT has received widespread praise in recent times.AI technologies, such as machine learning, have significantly impacted tradingdata analysis.This article was written by Damian Chmiel at www.financemagnates.com.
