SSC warns investors about online securities trading apps

October 06, 2022 - 14:12
Some businesses have created websites and trading applications, such as Passion Invest, Finhay, Tikop, Infina, Savenow and BUFF, to raise capital under unlicensed business cooperation contracts.
Apps in the warning list of SSC. Photo

HÀ NỘI — The State Securities Commission (SSC) on October 5 issued a warning to investors about securities services that are not licensed by the agency in cyberspace.

SSC said that recently, a number of businesses have created trading websites and applications, such as Passion Invest, Finhay, Tikop, Infina, Savenow, and BUFF, using communication tools and media to promote their products and services to raise capital from investors under business cooperation contracts.

However, there are signs of fund management and securities portfolio management without being licensed, managed, and supervised by SSC in accordance with the law on securities.

As a result, when a dispute arises without the securities law protecting investors' rights and interests, investors may be at risk.

SSC advises investors to be cautious when making securities investment transactions on these online trading applications, and investors are responsible for risks that may arise.

In fact, Finhay's main activity is to develop a financial management platform for retail investors with small investments as low as VNĐ50,000 (US$2.09), while Passion Investment is an organisation specialising in investing in stocks on the domestic stock market.

Passion Investment provides business cooperation products with a minimum capital ranging from VNĐ300 million to over VNĐ50 billion. During the cooperation period, Passion Investment will send weekly reports to investors.  VNS