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October 26, 2021

Singapore’s Saxo Markets receives two new licences in Hong Kong

By Verdict Staff

Singapore-based online trading and investment specialist Saxo Capital Markets HK has secured two new licences from the Securities and Futures Commission (SFC) of Hong Kong.

The firm, which already holds SFC Type 1, 2, and 3 licenses in the country, has been granted Type 4 and Type 9 (Asset Management) licenses by the regulator.

While Type 4 licence allows the firm to advice investors on securities, Type 5 is pertaining to asset management.

Saxo Markets said that new licences will help it offer ‘more comprehensive services to help investors in Hong Kong.

Additionally, they will allow the firm to tap into Hong Kong’s wealth and asset management space by offering alternative to traditional asset management for investors.

Saxo Markets head of Wealth Management Lester Chan said: “Investors in Hong Kong now are very much digital-savvy. They are looking for an easy-to-use platform that can provide tailor-made solutions based on their financial situations, and can handle their needs through one single account with top-level professional assistance. That’s where Saxo is uniquely positioned.”

In February this year, Saxo rolled out its alternative investment platform SaxoInvestor.

Chan said that the firm is currently working on a new solution to help customise their investment portfolio.

Saxo Markets Hong Kong CEO Richard Douglas commented: “Obtaining the licenses is definitely a key milestone for us, as globally, Saxo has ambitions in the wealth and asset management space, so this is very encouraging and putting us on track in Hong Kong to realise these ambitions.”

In 2019, Saxo Markets inked a memorandum of understanding with Hong Kong-based robo-advisory firm Quantifeed to develop a digital wealth management solution.

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