(Yicai Global) July 24 -- China's Tiger Brokers, backed by tech giant Xiaomi, has secured a license to operate in the Singaporean capital market.

Tiger, or UP Fintech Holding, will be able to offer securities and derivatives trading services to locals on the island city-state, it said in a statement yesterday after securing the license on July 19.

The firm's share price closed 1.6 percent higher yesterday at USD4.38.

"We are excited about our foray into the financial industry in Singapore and look forward to giving institutional clients and Singaporean residents the opportunity to invest locally and globally through our innovative trading platform," said the broker's founder and Chief Executive Tianhua Wu.

The Nasdaq-listed firm now has eight overseas trading licenses, giving it more than any other broker in China. Its permits allow it to operate across various sectors in the United States, Australia, New Zealand, Hong Kong and now Singapore.

The company landed a US license for securities clearing early this month via a USD9.4 million acquisition of American broker Marsco Investment, which will help it reduce operating costs and pave the way for further overseas expansion.

Founded in 2014, Tiger listed in March after renowned Chinese smartphone maker Xiaomi picked up a 14.1 percent stake.

Editor: James Boynton