TigerWit, one of the fastest growing fintech companies in China, has obtained a regulatory license in the Bahamas. The company, co-founded by Summer Xu and Weilong Song, has been actively expanding its operations after going through a couple of financing rounds.
TigerWit is now regulated by the Securities Commission of the Bahamas (SCB) with a broker-dealer license. The permit allows the company to deal as agent and principle via its regulated subsidiary TigerWit Financial Services Limited.
The license permits CFD dealing in forex, indices, commodities and metals to retail and wholesale clients. The subsidiary will be providing its services globally. The company has been focusing on developing added value for its clients via a solution for copy and social trading.
Tigerwit shared with Finance Magnates that the licensing process took about three months from the time of application. The firm was advised by Morgan & Drake Limited, a Bahamas-based team of financial and corporate services and compliance experts.
Since being founded in 2015, TigerWit has been focusing on developing financial technology and has established itself globally. The company has been particularly active across Asia. The new license solidifies the broker’s efforts to build a larger global customer base.
Commenting on the news, the CEO of TigerWit Group, Summer Xu, said: “Receiving the Securities Commission of The Bahamas regulatory license is a very important milestone for TigerWit Group and our clients.”
“At TigerWit we aim to provide our clients with not only the best online and mobile trading service, but the appropriate protections so that they can be safe in the knowledge they are dealing with a well-regulated entity whose interests are aligned with theirs. We are delighted to have the expertise of Mr Andrew Rolle who will ably ensure that we fulfill our obligations as a regulated broker,” she added.
The licensing of TigerWit in the Bahamas comes during a push from local authorities to put the jurisdiction on the financial map. The Bahamas Financial Services Board (BFSB) has been active in assisting companies to develop the necessary infrastructure to become global financial firms.
The CEO of Bahamas Financial Services Board, Tanya McCartney, said: “TigerWit joins a growing list globally-operating financial services firms that are authorised by the Securities Commission of The Bahamas. We are pleased that the company has chosen The Bahamas and recognizes the advantages and benefits gained under SCB regulations as a base to grow their global brokerage.”