Tiger Brokers Receives Approval-in-principle to Become a Clearing Member of Central Depository

UP Fintech Holding Limited, known as “Tiger Brokers” in Asia, recently announced that its Singapore-based subsidiary has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Ltd (CDP).

More specifically, the subsidiary, Tiger Brokers (Singapore) Pte Ltd (TBSL), has been admitted as a trading member by receiving in-principle approval from two of the primary exchanges in the city-state: Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited.

The leading online brokerage firm expects to utilise the Singaporean approvals to improve the user experience and services it offers to clients. Additionally, the local entity is expecting to build a strong relationship with CDP and SGX to strengthen its presence in the Singaporean markets.

Meanwhile, Tiger Brokers is now planning to launch cryptocurrency trading services outside the Chinese market​. It is already in the process of gaining the necessary licenses but did not reveal the jurisdictions it is targeting.