Saxo Markets Secures Two New Licenses from Hong Kong RegulatorOctober 25, 2021
Saxo Capital Markets HK Limited, the Hong Kong-based subsidiary of Saxo Markets, has obtained Type 4 and Type 9 licenses from the Securities and Futures Commission (SFC) in the special administrative region.
Type 4 license will allow the company to provide advice on securities, while with Type 9 license, it can launch asset management services. The acquisition of both licenses will enable the Denmark-headquartered company to expand services in asset and wealth management.
“The licenses give us greater room to now provide more comprehensive services to clients, whether they want to trade global capital markets or invest into their future,” said Richard Douglas, Hong Kong CEO at Saxo Markets.
“It’s especially meaningful for the Hong Kong office, as Hong Kong is a key growth market for Saxo and the gateway connected to mainland China.”
Saxo Markets entered Hong Kong in 2011 and is operating in the jurisdiction with Type 1, 2 and 3 licenses from the SFC.
Additionally, the brokerage can leverage its existing fintech services to launch personalized asset management options, keeping the fees at the lower threshold.
Lester Chan, Head of Wealth Management at Saxo Markets, added: “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.”
Earlier in February, Saxo Markets launched SaxoInvestor, a digital platform that allows investing in securities and mutual funds. Furthermore, it has started to offer derivatives of crypto assets to clients in selected markets.
Finance Magnates earlier reported that the Danish broker onboarded 24 percent more traders in the first half of 2021 under its Singapore-regulated entity.
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