TigerWit Obtains License in Hong Kong to Further Expand Business

TigerWit has been accredited with a Financial Services license from Hong Kong’s Securities and Futures Commission, representing an important development for the firm seeking continued expansion and growth for its trading services worldwide.

The UK-headquartered fintech firm plans to add even more solutions to its product offering in 2020, as it pushes further in its mission towards improving financial inclusion across several developing economies, in addition to increasing market share within developed markets.

Registration of the Hong Kong Financial Services license is in
addition to TigerWit’s already established FCA and SCB licenses.

Tim Hughes, Chief Executive Officer at TigerWit said: “Securing a license from the Securities and Futures Commission of Hong Kong is a significant milestone for TigerWit and represents another crucial part of our roadmap achieved. By gaining this licence we are another step further on our journey to offering our innovative trading solutions globally. Being regulated in the right jurisdictions allows us to expand our operations, whilst ensuring that our clients are afforded the relevant protections.”

Frederic Youssef, Vice President at TigerWit stated: “Obtaining the SFC license in Hong Kong will allow us to penetrate the vibra

nt ASEAN markets, and serve our partners through one of the most reputable financial regulations.”

In April 2019, TigerWit appointed Gareth Derbyshire as its newest Chief Compliance Officer to be responsible for the firm’s global operating licenses and compliance oversight. His in-depth experience includes managing all aspects of compliance and financial crime for regulated businesses, thereby helping firms to achieve full scope of regulatory permissions, as well as foreign licenses. Throughout his career, he has held FCA CF10 Compliance Oversight and CF11 Money Laundering Reporting functions.

Prior to this, he was with ETX Capital as Head of Compliance & MLRO, PLUS500UK Ltd. as Head of Compliance and with CMC Markets, Norwich and Peterborough Building Society in similar roles.

Last year, the firm announced explosive growth of total revenue in 2018, coming from $10 million in 2017 to $19.6 million, a rise of 96 percent. The firm’s key performance indicators have increased considerably on a year-over-year basis, including client opening trade numbers, which rose by 68 percent when compared to 2017, and Year End clients’ balances which were up 38 percent.