SHANGHAI :Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd will remove their apps in mainland China this week under the guidance of Chinese regulators, three sources told Reuters.The move is part of corrective measures required by the China Securities Regulatory Commission (CSRC), which in Decem
SHANGHAI :Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd will remove their apps in mainland China this week under the guidance of Chinese regulators, three sources told Reuters.
The move is part of corrective measures required by the China Securities Regulatory Commission , which in December banned the two brokerages from soliciting new business from mainland investors. The measure is negative for the brokerages' branding, but will likely have limited financial impact, as mainland investors are already barred from opening new accounts via their apps, while existing Chinese clients are not affected.On December 30, the CSRC said that Tencent-backed Futu and UP Fintech - also known as"Tiger Brokers" - had conducted unlawful securities business and urged them to take corrective measures.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU antitrust regulators clear $69 billion Microsoft, Activision dealBRUSSELS : EU antitrust regulators on Monday cleared Microsoft Corp's $69 billion acquisition of Activision, saying remedies offered by the U.S. software giant addressed their concerns.The European Commission said Microsoft has offered 10-year free licensing deals to European consumers and cloud game stre
Read more »
China central bank rolls over medium-term policy loans, rate unchangedSHANGHAI/SINGAPORE : China's central bank rolled over maturing medium-term policy loans while keeping interest rates unchanged on Monday, matching market expectations.The People's Bank of China (PBOC) said it was keeping the rate on 125 billion yuan ($18.08 billion) worth of one-year medium-term lending f
Read more »
Asian shares braced for China data, Fed speakersSYDNEY : Asian stocks started cautiously on Monday as investors braced for a China policy rate decision and economic data this week, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year. Early action was sluggish following a report on Friday s
Read more »
DPM Lawrence Wong kicks off China visit in ShanghaiThe trip, his first to China as Singapore’s No. 2 leader, gives him the opportunity to establish ties with the new Chinese leadership. Read more at straitstimes.com.
Read more »
More Taiwan electronics makers diversifying away from China to VietnamIn the first quarter of 2023, investments in Vietnam by the island's manufacturing industries grew more than 35% year-on-year. Read more at straitstimes.com.
Read more »