UP Fintech Holding Limited's Hong Kong Subsidiary Won SFC Approval on Type 9 License to Provide Asset Management Services
Portfolio Pulse from Benzinga Newsdesk
UP Fintech Holding Limited (NASDAQ:TIGR), a leading online brokerage, announced its Hong Kong subsidiary, Tiger Brokers (HK) Global Limited, received a Type 9 license from the SFC to provide asset management services. This license allows TBHK to offer discretionary account services to retail and professional investors, and asset management for collective investment schemes to professional investors. TBHK plans to leverage a seasoned investment team for tactical asset allocation and long-term value investing, aiming to facilitate wealth accumulation through a user-friendly platform.
March 27, 2024 | 10:05 am
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UP Fintech Holding Limited's Hong Kong subsidiary received a Type 9 license from the SFC, enabling it to provide asset management services. This expansion into asset management could attract more clients and enhance its service offerings.
Receiving a Type 9 license from the SFC significantly enhances UP Fintech's service offerings, allowing it to provide asset management services. This regulatory approval is a critical step in expanding its business and could lead to increased client acquisition and retention, positively impacting its stock price in the short term.
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