BANDS Capital Management Limited ("BANDS Capital"), a subsidiary of BANDS Group, announced that it has received approval from the Hong Kong Securities and Futures Commission to uplift its Type 9 licensing condition that previously prohibited the holding of client assets. This marks an important step forward in the firm's asset management business. Effective 7 November 2024, BANDS Capital is able to hold client assets directly, broadening its service capability and enabling it to provide clients with a more complete suite of financial solutions.

John Browning, Executive Director of BANDS Group, noted that the SFC's Type 9 license is differentiated by whether a licensed corporation is permitted to hold client assets. With the new approval, client funds can now be transferred directly into the firm's accounts for consolidated management. As a result, the SFC applies more stringent standards and requirements to the licensed corporation in areas such as paid-up capital, liquidity, and the qualifications of responsible officers.

Tiger Shi, CEO of BANDS Group, stated that the approval not only recognizes BANDS Capital's capability in asset management, but also highlights the overall competitiveness of BANDS Group in the global financial market. The firm is also actively preparing to apply for a Qualified Foreign Institutional Investor (QFI) license. Once obtained, the QFI license is expected to further expand BANDS Capital's service range, including cross-border investment capabilities. Looking ahead, BANDS Capital will remain committed to a client-centric approach, continuously improving service quality and delivering secure, efficient, and professional asset management services to clients worldwide.