Tiger Brokers Receives Approval on Securities Trading in Singapore

UP Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term (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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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).

Through the manoeuvre, 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.

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 Tiger Brokers is facing a setback due to the Chinese central bank’s stance against online brokers. Recently, the People’s Bank of China (PBoC) reported that locally unlicensed brokerages are operating illegally in mainland China. While the official did not name any brokers, Tiger Brokers 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 sharing 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.