INSUBCONTINENT EXCLUSIVE:
Consumer financial services platform SoFi is making its first expansion outside of the United States with the acquisition of Hong Kong-based
investing app 8 Securities.The terms of the deal were not disclosed
Targeted to personal investors, 8 Securities will rebrand to SoFi Hong Kong and retain its team, who will began launching services in other
markets as well.SoFi currently has about one million members in the United States Last month, it acquired payments and bank account
infrastructure company Galileo, with the goal of expanding its products further beyond consumer services.SoFi Hong Kong gives SoFi its first
international market, and it quickly became clear that Hong Kong, a financial capital of Asia, is ripe for innovation
2012 by former E*Trade executives Mathias Helleu and Mikaal Abdulla, 8 Securities was the first mobile-only investment service and
robo-advisor to launch in Asia, and raised $70 million in capital from investors including Velocity Capital, Route 66 Ventures and Normura
Asset Management.A A Technology News Room Beijing finalist in 2011, 8 Securities focused on new investors with an online community that
lets users follow the portfolios of top-performing members
fees or custodian fees, and it will continue to be regulated under the Securities and Futures Commission of Hong Kong.SoFi Hong Kong will
retain its social trading features, and add new ones like SoFi membership points and collections that organize stocks and ETFs around
different sectors.Despite the impact of COVID-19 on the global markets, SoFi Hong Kong CEO Abdulla told A Technology News Room that the
