Following the launch of Asia's first $0 commission stock trading service in Hong Kong, 8 Securities today announced a 1,100% increase in executed stock trades and a 700% increase in turnover compared to the same quarter last year.
HONG KONG, April 11, 2017 /PRNewswire/ -- Launched in 2012, 8 Securities is a leading consumer fintech company in Asia, with licensed offices in Hong Kong and Tokyo. In April 2016, the company announced free trading for over 15,000 Hong Kong and US stocks and exchange traded funds. 8 Securities launched free trading to the general public shortly after giving early access to a waiting list of 10,000 people.
"Through the use of smart technology, we have reduced our cost to execute a trade to almost $0 so we are simply passing that savings on to our customers," said Ken Ng, Chief Operating Officer of 8 Securities. "Most traditional banks and brokerages charge high trading commissions to support the cost of their branches, manual processes and inflated staff," he went on to say.
The company intends to earn revenue by offering margin lending to its experienced traders. "We believe the combination of $0 commission, low margin lending rates and a new mobile app built for speed will be extremely attractive to active traders," said Mr. Ng.
Mikaal Abdulla, CEO of 8 Securities, went on to say "I see a parallel in what we are doing to Amazon or WhatsApp. Whether its disintermediation of financial services, retail or telecom, business models have to adapt," said Mikaal Abdulla. "We look forward to leading that change in Hong Kong and beyond."
About 8 Securities
Launched in 2012, 8 Securities is a leading consumer fintech company in Asia, with licensed offices in Hong Kong and Tokyo. 8 Securities was the first company in Asia to introduce $0 commission stock trading and robo-advisory services. 8 Securities was founded by Mathias Helleu and Mikaal Abdulla who previously managed E*TRADE's international division across 15 geographies. In 2016, 8 Securities was named Geek Park's "Top 50 Most Valuable Startups in China", and the firm's CEO Mikaal Abdulla has made to Fintech Asia's "Top 38 Fintech Influencers in Asia" list.
Media Contact:
Vic Zhou, 8 Securities, Hong Kong office: +852-2693-8888
vic.zhou@8securities.com
