UP Fintech (Nasdaq: TIGR) announced on Friday that Tiger Brokers, a subsidiary in Singapore, received the green light to be admitted as a Trading Member of Singapore Exchange Securities Trading Limited (SGX-ST) and Singapore Exchange Derivatives Trading Limited (SGX-DT), and Clearing Member of The Central Depository Limited (CDP) from Singapore Exchange Ltd (SGX).
With the maneuver, the brokerage firm expects to improve the user experience and the services offered to clients in Singapore. “TBSPL looks forward to developing its partnerships with SGX and strengthening its presence in the Singapore market,” UP Fintech commented in a press release.
Earlier in October, Ocean Joy Securities Limited completed its acquisition of a Type 1 and Type 2 license from Hong Kong’s securities market regulator. Hong Kong companies with Type 1 licenses can deal in securities, while those with Type 2 licenses can deal in futures contracts.
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It is expected that UP Fintech will begin operating brokerage services in the Chinese autonomous administration after it completes the latest acquisition.
China’s Dealings and UP Fintech
The deal was closed as the Tiger Brokers operator is facing a setback due to the Chinese central bank’s stance against online brokers. The People’s Bank of China (PBoC) reported recently that locally unlicensed brokerages are operating illegally in mainland China. While the official did not name any brokers, Tiger Broker and Futu are obvious targets. These online brokers are licensed in foreign jurisdictions and provide mainland Chinese investors with access to global stock markets.
Additionally, these foreign brokers who have extensive operations in China face challenges with China’s forthcoming data laws, which will put heavy restrictions on the sharing of the personal data of Chinese customers with foreign firms and even regulators. Furthermore, the Singapore-based subsidiary of UP Fintech received authorization to become a CDP depository agent during the course of recent approvals.
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