Up Fintech Ready to Operate in Singapore in Push for Global Expansion
Shares in the Chinese brokerage jumped 2 percent Tuesday after it announced it has obtained a license to operate in Singapore.
The stock in Up Fintech Holding Ltd. (Nasdaq: TIGR) jumped 2 percent Tuesday, to $4.38 per American depositary share, after the company announced that it has received approval to provide certain capital market services in Singapore.
The Beijing-based broker firm, which became listed in New York earlier this year, said in a statement today that it now has a license for dealing in capital markets products, product financing and providing custodial services in Singapore.
Up Fintech said its subsidiary, Tiger Brokers (Singapore) Pte. Ltd., will use the license to expand globally and provide services to Singapore residents.
"We are excited about our foray into the financial industry in Singapore and look forward to giving institutional clients and Singaporean residents the opportunity to invest locally and globally through our innovative trading platform," Up Fintech's chief executive, Tianhua Wu, said in a statement.
He added, "Singapore continues to play a critical role in global capital markets and we look forward to contributing to Singapore's continued growth."
Until this year, Up Fintech, which has been backed by tech giant Xiaomi Corp., has been conducting most of its business domestically, in China.
After its March floatation on Wall Street, the company has also pushed its expansion plans in the U.S. market, recently announcing it will obtain a U.S. self-clearing license through the acquisition of Marsco Investment Corp., a U.S. online brokerage platform. The deal is set to close in the third quarter this year.