Tiger Brokers sees huge potential in Singapore for online trading
Published 7 April 2021
Xiaomi-backed online trading platform Tiger Brokers Singapore, has said that its business has continued to see exponential growth and momentum in Singapore.
The online and mobile-focused brokerage saw 100 per cent growth in customer accounts for three consecutive quarters in 2020.
This performance comes is a part of strong performance by Tiger Brokers’ Singapore’s parent company. For the fourth quarter and the year ended December 31, 2020 total revenues were US$47.2 million, a 136.5 per cent increase from the fourth quarter of 2019.
The total number of customers globally with deposits increased by 128.4 per cent year-on-year to 258,700 in 2020. The global platform also added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts doubled in 2020 to reach 258,700.
Tiger Brokers’ account balance increased by US$5.0 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9 per cent since the end of 2019.
Wu Tianhua, Chief Executive Officer of UP Fintech Holding Limited said, “The total addressable market in Singapore is huge. The country has one of the highest rates of digitalisation in the world, and a nation-wide preference for digital banking which is supported by high tech infrastructure and key fintech initiatives led by the government, making it a very attractive and relevant market for Tiger Broker’s services. This is a market that has huge potential for us, and we are working hard for incremental market growth, especially focused on younger Singaporeans who are getting more savvy with their investment needs.”
Eng Thiam Choon, Chief Executive Officer of Tiger Brokers Singapore, added that compared to a decade ago, trading seems to be out of reach for many people.
“However today, we are seeing an increasing number of individuals, as young as Generation Z, beginning to explore online investing as a viable financial lifestyle choice. People are more aware of the trends and developments in global economies and changes in business landscapes today,” he said.
Tiger Brokers Singapore saw an overall shift in user digital experience driven by the pandemic and recognised the need to keep pace with its investors’ demands by differentiating and expanding its services. In 2020, the platform has onboarded two exchange platforms – Singapore Exchange and Australian Securities Exchange, bringing the total number of exchanges available to Singapore investors to six across five countries.
This access, especially to US markets, has been a huge value-add to its investors.
Growing strong and steady
Tiger Brokers has also focused on creating convenience for its users; working with bank partners to help create a seamless payment system; working with technology partners such as Iress, one of the largest and most active online trading communities; TradingView, strengthening Tiger Brokers’ community engagement; and lastly, the launch of Tiger Brokers latest Fund Mall product that allows everyday-investors access to popular public funds.
Tiger Brokers recently partnered with OTC Markets Group Inc. to provide customers with detailed insights and make more informed trading decisions on the OTC markets.
“At Tiger Brokers, our objective is to provide an array of financial and educational tools to support the new generation of investors in their investment journey. Our fantastic Q4 result would not be made possible without the support and faith of our Singapore and regional investors. As we remind investors to diversify their investment, we hope to continue bringing value-added investment opportunities to our current investors, while attracting the new ones,” stated Thiam Choon.