TigerWit, a financial technology company headquartered in the United Kingdom, announced this Monday that it has secured a Financial Services licence from Hong Kong’s Securities and Futures Commission (SFC).
According to a statement released by the company today, receiving the licence represents an important development for TigerWit, and the forex broker sees continued expansion for its services worldwide. The acquisition of the new licence is in line with the company’s plans for expansion. TigerWit, which is a global foreign exchange (forex) broker based in the United Kingdom with roots in Asia, already has licences in the UK with the Financial Conduct Authority (FCA) and in the Bahamas.
In 2020, the FX broker plans on expanding its product offering by adding more solutions. This will help the company with its mission of improving financial inclusion across several developing economies, the company said in the statement released today.
It will be interesting to see how TigerWit competes with the established broker and fintech companies who have a long standing presence in Hong Kong. Likewise, the announcement comes as civil unrest in Hong Kong is yet to dissipate and tensions between the government and protesters remains.