HK SFC grants the Type 1 license to Doo Financial HK Limited
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Doo Financial HK Limited, a subsidiary of Doo Group, recently received a Type 1 license from the Hong Kong regulator, the HK Securities and Futures Commission (HK SFC). The Type 1 License now allows the company to deal in securities.
Doo Financial HK Limited can now trade securities in Hong Kong
So far, DOo Financial HK Limited held two other licenses, including Type 4 (Advising on securities) and Type 9, which allows for asset management. Now, however, it can actually deal in securities, which will broaden its service portfolio even further. The firm will be able to include securities trading, as well as asset management and providing investment advice.
As mentioned, the license came from the HK SFC, an autonomous statutory authority that is in charge of supervising the securities and futures markets in Hong Kong. The securities regulator requires firms to obtain a Type 1 license before they can offer securities trading, which is not easy to achieve.
Specifically, firms have to go through a comprehensive review of their business model, corporate governance, financial health, staff qualification, as well as past performance. The requirements are numerous and very strict, which is why only the best of applicants get to the point where they actually get awarded the Type 1 license.
With the license in hand, however, Doo Financial HK Limited can now execute securities transactions, participate in joint book-running, placing, and underwriting, as well as distribute securities, such as unit trusts, mutual funds, and more.
Doo Group’s foothold in Hong Kong is only a part of its expansion strategy
The Hong Kong market is crucial for Doo Group and its strategic expansion. This is why acquiring this license represents a huge milestone for the firm, as it will allow it to offer additional financial services, and open up new investment opportunities for its customers.
Its users will also have access to more assets, offering them to trade in both global capital markets or invest in OTC assets. Furthermore, with access to Hong Kong trading, Doo now has a gateway connected to mainland China.
The firm has been working hard on cultivating a strong, professional team, not only in Hong Kong, but around the world. It employs more than 550 industry professionals, and it has established 10 offices globally, which cover more than 40 countries.
The company was originally established nine years ago, and in 2023, it managed to secure a multi-year sponsorship with Manchester United, the English football giant, thus becoming its official online financial trading platform partner.
