Honye Financial Services Ltd (LSE:HOYE) told investors it has signed an appointed representative and tied agent agreement with “an established London-based asset management firm”, in a move that advances the Zoyo app in the United Kingdom.
The company, in a statement, said that following an onboarding process it will be added to the FCA register as an appointed representative to the asset management firm.
It added that the arrangement means that the company can seek to generate revenue from a Zoyo-branded white-labelled mobile app, whilst driving further R&D on a stand-alone app and applying for full FCA authorisation (which would allow the replacement of the white-labelled solution).
"We are pleased to announce the next step on the path towards setting up and running an equity trading mobile application,” Honye chairman Gareth Edwards said in a statement.
“This approach will enable us to commence trading within a matter of weeks of the RTO, generating revenue and raising brand awareness of the Zoyo name many months earlier than would otherwise be the case."