Writing: Blog, Pionex Salon

On May 6, 2024, according to Yahoo Finance, Tiger Brokers (Hong Kong) officially launched virtual asset trading services. Professional investors in Hong Kong can trade 18 types of virtual assets, as well as stocks, options, futures, US treasuries, funds, and other global assets through Tiger Brokers' investment platform Tiger Trade, 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 and retail investors from traditional finance now have diverse entry options. To continue advancing, the market needs to focus on innovation implementation and distribution promotion. In this process, the role of brokers as the "bridge" connecting investment and Web3 will become increasingly important. 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 Brokers has seized this opportunity and actively laid out its virtual asset market. In this issue, Pionex Salon will help readers understand Tiger Brokers' layout in the virtual asset market and find more opportunities.

Tiger Brokers

Tiger Brokers 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 Brokers (Hong Kong) is the branch of Tiger Brokers in Hong Kong, holding licenses 1, 2, 4, 5, and 9 issued by the Hong Kong Securities and Futures Commission.

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

Upgrading License 1 and Obtaining Hong Kong Securities and Futures Commission License 9

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

In response, Tiger International's Chief Financial Officer, Qingfei Zeng, said, "This license upgrade is an important step for Tiger Brokers, 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 Brokers (Hong Kong) obtained the Securities and Futures Commission's approval for License 9 to provide asset management services, allowing it to provide a range of asset management services to investors in the future, including discretionary services for retail and professional investors, and managing collective investment schemes for professional investors.

Tiger International's partner, Yang Xu, stated that in addition to professional investors, this License 9 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 Brokers (Hong Kong) announced the official launch of virtual asset trading services, becoming one of the first technology brokers in Hong Kong to support one-stop trading and management of traditional securities and virtual assets.

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

"Tiger Brokers 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 Tiger Trade platform, all registered users in Hong Kong can view real-time quotes and price changes of virtual assets anytime, anywhere, keeping up with the virtual asset market conditions. 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 Brokers plans to extend virtual asset trading services to retail investors. Additionally, the company will consider adding virtual asset spot deposit services.

The launch of Tiger Brokers (Hong Kong)'s virtual asset trading services 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 matures, 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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