Way Forward
$UP Fintech (TIGR.US)$ what do you guys think is the way forward for both $UP Fintech (TIGR.US)$ $Futu Holdings Ltd (FUTU.US)$ ? Looking at standard charted bank, their application for cn securities license took 1 year to get approval, do you think both futu / up fin would buy / partner a brokerage instead to access china market ?
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Fundamentalist : up
Vlastimil : I think the problem for $Futu Holdings Ltd (FUTU.US)$ and $UP Fintech (TIGR.US)$ is maturity requirement. If not mistaken, they requires company to be established for many years for being eligible. This is why they couldn’t obtain it, because Gov keeping it only for big players.
Anyway, in my humble opinion they don’t need it if Hong Kong SFC allowing mainland Chinese open account. This is purely based on regulatory approval in respective country. China would have to first make it officially “illegal”, saying mainland Chinese are not allowed open bank account or use financial services abroad