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HONG KONG/DUBAI - Solowin Holdings (NASDAQ:SWIN) announced Friday it has officially launched its Dubai Operations Center and begun applying for a Category 3C asset management license from the Dubai International Financial Centre (DIFC). The company, currently valued at $224 million, has seen its stock surge over 161% year-to-date, according to InvestingPro data.
The financial services firm has signed a memorandum of understanding with an unnamed UAE enterprise to accelerate its entry into the local financial services market, according to a company press release.
Solowin selected DIFC as its Middle Eastern hub partly due to the regulatory body’s mutual recognition framework with Hong Kong’s Securities and Futures Commission. The company expects the DIFC approval process could be completed within three months.
This expansion follows Solowin’s recently announced strategic collaboration with CITIC Construction on August 20 to develop financial technology infrastructure in Saudi Arabia.
"The Dubai Operations Center is a pivotal addition to Solowin’s global compliance network," said Peter Lok, CEO of Solowin, in the statement.
Initial services from the Dubai center will target institutional clients seeking Sharia-compliant products, offering structured products supported by real-world assets and computing power.
Solowin Holdings, founded in 2016, provides financial services across traditional and digital assets through its Hong Kong SFC-licensed subsidiaries with digital asset capabilities.
In other recent news, Solowin Holdings announced several strategic initiatives and partnerships. The company disclosed a Memorandum of Understanding with CITIC Contracting Company to co-develop digital infrastructure in Saudi Arabia, focusing on data science, commercial real estate, and logistics parks. Additionally, Solowin Holdings has acquired a 19% stake in GPL Remittance Pte. Ltd., a Singapore-based cross-border payment institution, expanding its presence in the financial services sector. The company is also targeting $1 billion in assets under management for its USD Money Market Real Yield Token by the end of 2025, in collaboration with Standard Chartered and other partners. In another development, Solowin plans to launch a joint Bitcoin quantitative fund with Antalpha, aiming for $100 million in assets under management. Furthermore, Solowin Holdings announced a $3.5 million share sale through a registered direct offering to support its working capital and general corporate needs. These recent developments reflect Solowin Holdings’ strategic expansion and diversification efforts across various sectors.
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