UP Fintech Holding Limited Announces Uplift of Type 1 License by Hong Kong SFC to include Virtual Asset dealing service for Professional Investors

SINGAPORE, Jan. 25, 2024 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that its Hong Kong subsidiary has officially upgraded its Type 1 license to include virtual asset dealing service, making it one of the first mainstream online brokerage firms in Hong Kong to receive approval for such a license upgrade. This successful upgrade opens the door for providing cryptocurrency trading services to Professional Investor clients in Hong Kong through its flagship platform, Tiger Trade. By integrating Tiger Brokers' technology-driven brokerage expertise, the company aims to offer Professional Investors in Hong Kong an unparalleled convenience of seamless trading of both traditional securities and cryptocurrencies on a unified platform. In the future, the Company also plans to open virtual asset trading to retail investors, subject to authorities’ approval.

Seamless Trading Experience with Expanded Access
After this upgrade, eligible clients, including Hong Kong residents with over HKD 8 million in investable assets or corporate with assets exceeding HKD 40 million, can seamlessly incorporate cryptocurrency trading into their portfolios alongside other asset classes available on our flagship platform Tiger Trade. In the future, residents of Hong Kong can conveniently trade virtual assets such as Bitcoin and Ethereum alongside stocks, options, futures, funds, and ETFs—all in one place. With centralized investment management, this enables local clients to measure their risk exposure across different asset classes.

John Fei Zeng, Chief Financial Officer and Director of Tiger Brokers, emphasized the significance of this move, stating, "Investor demand for digital assets continues to grow in Hong Kong and around the world, and we are pleased to expand our business scope to meet the growing demand of clients in this important market. Eligible clients will benefit from our low costs and the ability to trade crypto alongside many other global products from a single unified platform without needing to open an extra account."

Over the past year since entering Hong Kong market, Tiger Brokers (HK) has garnered popularity among Hong Kong users with its optimized product offerings and one of the most competitive pricing. We charge zero commission and platform fee for Hong Kong equity trading, and launched Tiger Vault, our wealth management product, in the Hong Kong market, which offers USD and HKD denominated money market funds to help our users manage their liquidity.  In terms of infrastructure, we have achieved fully self-clearing for U.S. and Hong Kong cash equities, which brings down our total clearing expense to an industry leading low level. We are also one of the few brokers that offers recurring investment and fractional shares trading feature for both U.S. and Hong Kong shares.