The fintech will introduce commission-free brokerage via its acquisition of 8 Securities.

SoFi, the fintech that describes itself as the digital personal finance company, launches SoFi Invest in Hong Kong. The new platform will offer brokerage, automated investing and ETFs with the added benefit of commission-free trading. For Hong Kong, the platform will be a simplified mobile experience and also offer financial advice and education. (PYMNTS.com)

According to Bloomberg, SoFi Hong Kong will be the only brokerage service that delivers fee-free stock trading on more than 15,000 U.S. and Hong Kong stocks, as well as exchange-traded funds. Further, users on the Hong Kong platform can track top-performing members and see how their performance ranks against peers.

SoFi enters Hong Kong through online brokerage

To mark its international foray, SoFi is acquiring the parent company of 8 Securities, an online brokerage firm. SoFi will serve all of the firm’s existing customers, as well as expand its user base. Further, the 8 Securities platform will be rebranded as SoFi.

It was not known how much the fintech paid for the transaction.

“We underwent an extensive evaluation process when considering our first international market, and it was clear that Hong Kong, the financial capital of Asia, is ripe for innovation and a launching pad for further expansion in both product and geography,” said Anthony Noto. “Leveraging the learnings from the SoFi Invest platform in the U.S., we can meet the needs of both experienced and novice investors alike in Hong Kong, all in support of our overall efforts to make headway on our mission to help people get their money right. Because when it comes to achieving financial independence, investing is not optional – it is imperative.”

8 Securities had a great first quarter

According to TechCrunch, during the first quarter of 2020, 8 Securities put up its best performance ever. New accounts and assets grew 400% in March, versus the 2019 average.

“We experienced a surge in first-time investors that see the current market pull-back as an opportunity to start investing,” said SoFi Hong Kong CEO Abdulla. “Despite the market decline our active accounts and assets are higher than they have ever been.”

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