BANDS Capital Management Limited ("BANDS Capital"), a subsidiary of BANDS Group, announced today that it has received approval from the SFC to uplift its licensing condition of not holding of client assets. This significant development marks a pivotal advancement in the company's financial services offerings. Effective 7 November 2024, BANDS Capital will possess the capability to hold client assets directly, enhancing the breadth of its services and offering clients a more comprehensive array of financial solutions.
John Browning, Executive Director of BANDS Group, pointed out that the SFC's Type 9 license was bifurcated based on the capacity to hold client assets. The Company’s new license enables the seamless transfer of client funds to the company's accounts for consolidated management. Consequently, the SFC has imposed heightened standards and criteria on the licensed corporation concerning paid-up capital, liquidity, and the qualifications of responsible officers.
Tiger Shi, CEO of BANDS Group, articulated that the approval of this license signifies not merely a recognition of BANDS Capital's adeptness in asset management but also underscores the holistic competitiveness of the entire BANDS Group within the global financial landscape. Furthermore, BANDS Capital is actively preparing to apply for a Qualified Foreign Institutional Investor (QFI) license. Anticipated for acquisition next year, the QFI license will empower BANDS Capital Management to further extend its service offerings, including cross-border investment opportunities. Looking ahead, BANDS Capital will remain steadfast in its commitment to a customer-centric ethos, continually enhancing service quality, and delivering secure, efficient, and expert asset management services to a global clientele.