The upgrade of license No. 1 has been completed, and virtual asset trading services can now be provided to professional investors.

By Bowen, Pionex Salon

On May 6, 2024, according to Yahoo Finance, Tiger Securities (Hong Kong) officially launched virtual asset trading services. Professional investors in Hong Kong can trade 18 types of virtual assets, as well as various global assets such as stocks, options, futures, US treasuries, and funds, all in one place through Tiger Trade, the investment platform of Tiger Securities, without the need to open and manage different accounts with different brokers and platforms.

With the successful listing of Bitcoin and Ethereum spot ETFs in Hong Kong, the virtual asset market in Hong Kong has entered a new stage. Institutions from traditional finance and retail investors now have diversified entry options. If the market is to continue to advance, it will need to focus on innovation implementation and distribution promotion. In this process, the importance of brokers as the "bridge" connecting investment and Web3 will continue to increase. In the face of "old money," the professional knowledge and experience of brokers in risk management will be an important barrier to safeguarding the security of investors' assets and a crucial support for the continued expansion and deepening of the market.

As a member of traditional brokers, Tiger Securities has seized this opportunity and actively laid out its virtual asset market. In this issue, Pionex Salon will help readers understand Tiger Securities' layout in the virtual asset market and find more opportunities.

Tiger Securities

Tiger Securities was established in 2014, headquartered in Beijing, China, and focuses on improving the trading efficiency of individual investors. The company provides trading services for US stocks, Hong Kong stocks, and UK stocks, and has obtained brokerage licenses or permits in the United States, New Zealand, and Australia. Tiger Securities (Hong Kong) is the branch of Tiger Securities in Hong Kong, holding licenses No. 1, 2, 4, 5, and 9 issued by the Securities and Futures Commission of Hong Kong.

In 2023, Tiger Securities' total revenue was $273 million, a 21% increase from 2022; by the end of 2023, the total client assets under Tiger Securities' management reached $30.6 billion, a year-on-year increase of over 100%; in the third quarter of 2023, Tiger Securities globally added 29,000 new account-opening clients, bringing the total to 2.15 million; 25,000 clients made deposits, bringing the total to 870,000. Tiger Securities' business performed well in 2023, and the company's global expansion and product innovation also contributed to its growth.

Upgrade to License No. 9 approved by the Securities and Futures Commission of Hong Kong

On January 25, 2024, Tiger Securities announced that it had obtained the conditions for upgrading its Class 1 license from the Securities and Futures Commission of Hong Kong, allowing professional investors to trade virtual assets through Tiger Securities on the licensed platform of the Securities and Futures Commission. In the future, Tiger Securities plans to open virtual asset trading to retail investors under regulatory requirements.

In response, Tiger International's Chief Financial Officer, Zeng Qingfei, said: "This license upgrade is an important step for Tiger Securities, and we are pleased to be able to introduce virtual asset trading in this important area to further meet the trading needs of our clients."

On March 28, 2024, Tiger Securities (Hong Kong) obtained approval from the Securities and Futures Commission of Hong Kong to provide asset management services under Class 9 license, and in the future, it can provide a range of asset management services to investors, including discretionary services for retail and professional investors, and management of collective investment schemes for professional investors.

Xu Yang, a partner at Tiger International, stated that in addition to professional investors, this Class 9 license also allows Tiger to provide full discretionary account services to retail investors, reducing the entry threshold.

Official launch of virtual asset trading services

On May 6, 2024, Tiger Securities (Hong Kong) announced the official launch of virtual asset trading services, becoming one of the first technology brokers in Hong Kong to support all-in-one trading and management of traditional securities and virtual assets.

Zeng Qingfei, Chief Financial Officer of Tiger International, said: "Tiger Securities is honored to be one of the first internet brokers in Hong Kong to go live with virtual asset trading, meeting the increasing demand of investors for virtual asset trading. With a more diverse asset allocation demand from investors, Tiger Securities' richer product portfolio will help investors capture different investment opportunities in the market; the unified trading platform of Tiger Securities will assist investors in seamless trading and managing different types of investments, enhancing user experience and further increasing investment efficiency."

"Tiger Securities will provide competitive trading fees. The commission for virtual asset trading is as low as 0.2% of the transaction amount, and custody fees are waived. Unlike stock trading, virtual assets settle instantly and can be traded 24/7. Through the user-friendly interface platform of Tiger Trade, all registered users in Hong Kong can also view real-time quotes and price changes of virtual assets, and stay closely connected to the virtual asset market anytime, anywhere. In addition, Hong Kong dollars and US dollars can be exchanged instantly on a T+0 basis within the Tiger Trade App."

Currently, Tiger's virtual asset trading services are only available to professional investors. In the future, under regulatory requirements, Tiger Securities plans to extend virtual asset trading services to retail investors. The company will also consider adding virtual asset spot deposit services.

The launch of virtual asset trading services by Tiger Securities (Hong Kong) not only provides professional investors with more investment choices and convenience, but also heralds further openness and innovation in the virtual asset field in the Hong Kong financial market. As the regulatory framework gradually improves and the market continues to mature, brokers will open up more virtual asset businesses to institutional and retail investors, thereby driving Hong Kong to become an important hub for global virtual asset trading.

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