UP Fintech Holding Limited, the operator behind Tiger Trade online brokerage, has secured approval from the Hong Kong Securities and Futures Commission for an upgraded license, enabling the inclusion of virtual asset trading. This marks a significant move, positioning UP Fintech among the pioneering brokerages in Hong Kong to offer crypto trading services.

Hong Kong Embraces Crypto with Tiger Trade's Approval

The green light from regulators empowers Tiger Trade to provide Bitcoin, Ethereum, and other cryptocurrency trading exclusively to professional investors in Hong Kong meeting specific wealth thresholds. John Fei Zeng, CFO of UP Fintech, expresses enthusiasm, stating, "Investor demand for digital assets continues to grow in Hong Kong and around the world."

Unified Platform for Diversified Investments

The upgraded license strategically aligns with Tiger Trade's vision to deliver a seamless trading experience across diverse asset classes. This integration includes cryptocurrency trading alongside stocks, options, futures, and funds, all accessible through a single account. The unified platform empowers professional investors to evaluate portfolio risk comprehensively.

Growing User Base and Future Plans

Tiger Trade has experienced substantial growth in its Hong Kong user base, boasting nearly 900,000 clients as of Q3 2023. The platform's success is attributed to its innovative offerings, such as zero-commission trading in Hong Kong stocks and fractional share trading. UP Fintech plans to extend its cryptocurrency trading services to retail investors in Hong Kong after obtaining necessary regulatory approvals.

Beyond Trading: Tiger Fund Management and TigerGPT

In 2023, UP Fintech's affiliate, Tiger Fund Management, received approval from the Monetary Authority of Singapore, aiming to provide asset and wealth management services in Singapore. Additionally, the company introduced TigerGPT, an AI trading assistant, showcasing UP Fintech's commitment to innovative solutions in the financial sector.

CFO's Perspective on the Future

John Fei Zeng emphasises the company's commitment to meeting the growing demand for digital assets in Hong Kong. The low costs and the ability to trade crypto alongside other global products on a unified platform without additional accounts offer eligible clients a compelling proposition.

“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. 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.”

A Transformative Step for Tiger Trade

The approval of virtual asset trading in Hong Kong signifies a transformative step for UP Fintech's Tiger Trade. The unified platform's expansion aligns with the rising demand for digital assets, providing professional investors with a comprehensive and convenient trading experience. As regulatory hurdles are cleared, the platform's reach is set to extend to retail investors, ushering in a new era of diversified and inclusive investment opportunities in Hong Kong.

Embracing Change in Financial Horizons

In embracing digital assets, UP Fintech not only responds to market trends but sets the stage for a transformative era in financial services. The seamless convergence of traditional and crypto trading heralds a new age of accessible and diversified investment opportunities for a broader spectrum of investors.