Tiger Brokers Parent UP Fintech Sees 1 Million Customers Worldwide, Driven by Tripled 3Q Account Openings in Singapore
- Xiaomi-backed Tiger Brokers Singapore announces 3Q2020 results, new account openings up 300%, trading volume up 540% vs 2Q2020
- Tiger Brokers parent UP Fintech 3Q2020 global revenue up 143.8% on trading volume of US$62.8B; 1M client accounts, 7x annual growth
SINGAPORE, Dec 02, 2020 - (ACN Newswire) - Xiaomi-backed Tiger Brokers Singapore today announced a 3-fold growth in account openings during 3Q2020 as compared to 2Q2020. Tiger Brokers Singapore also saw an increase in trading value of 540% as compared to 2Q2020. The Technology and Electronic Vehicles (EV) sectors has seen the most amount of interest with demand for companies such as APPLE, TESLA, NIO, due to investors' positive expectations for the companies in the long run.
This growth was driven by an increased interest in investing during this period, due to a digitally-driven lifestyle cultivated during the pandemic where more Singapore investors tried online trading. A recent report (e-Conomy SEA 2020) showed a regional trend towards the digitalisation in finance, where Investment Assets under management in the region is expected to grow to US$84 billion in 2025 at a Compound Annual Rate Growth (CAGR) of 32 per cent. The online trading platform launched in February this year, and 30 per cent of its users in Singapore aged between 18-24 years old.
Tiger Brokers Singapore also enhanced their platform during this period, providing access to top exchanges around the world for their investors. They launched access to the Singapore Exchange (SGX) and Australian Securities Exchange (ASX) in June and September this year, and coupled with an attractive low commission fee, allowing Singapore-based investors the ability to access more than 7 global exchanges for their investment needs. The fintech also taps on both traditional and digital communications methods to ensure that investors can contact them easily via landline and social media respectively.
Eng Thiam Choon, CEO of Tiger Brokers Singapore, shared, "2020 is a pivotal year for Tiger Brokers Singapore as we continue to capitalise on growing market opportunities catapulted by the increase in digital finance during the past few months. As we continue to see an increased number of investors who have recently adopted online trading, our team continues to ensure that both the online and mobile platforms offer superior functions and solutions to allow investors to be equipped with the necessary tools for a smooth trading process. We look forward to helping our clients expand their investment choices further with our holistic suite of products and access to additional markets in the near future."
"Our data also showed that our investors were aware of and were reacting to investment trends caused by COVID-19. Clients were generally cautious in investments after the worst of the volatility was over, as evidenced by relative account openings in November as we have recorded our best month in terms of client onboarding so far this year."
Tiger Broker Singapore aims to increase their platform users by 50 per cent by Q1 of 2021. To do so, they are constantly improving their platform's user experience by looking to add more products by early next year. They will also be participating at this years' Singapore Fintech Festival as a Silver Sponsor to share more information around the current investment climate.
Tiger Brokers Singapore taps on the expertise and insights provided by leading online brokerage firm, UP Fintech Holdings (UP Fintech) that focuses on global Chinese investors, to help drive fintech innovation in Singapore and Southeast Asia. UP Fintech's Q3 earnings shared a triple digital growth of 148.2% y-o-y to US$38 million. The group also had record high triple-digit growth as trading volume reached US$62.8 billion, while client assets also reached a new high of US$10.9 billion as of November 25, 2020, an increase of 188.1% from a year ago.
The Tiger Trade mobile application is available for download on Apple App store (https://apps.apple.com/sg/app/id1023600494) and Google Play store (https://play.google.com/store/apps/details?id=com.tigerbrokers.stock).
About Tiger Brokers (Singapore) Pte Ltd.
Tiger Brokers Singapore Pte Ltd (Tiger Brokers Singapore) is a brokerage firm operating with a Capital Markets Services (CMS) Licence from the Monetary Authority of Singapore (MAS). Its trading platform, Tiger Trade, offers complimentary real-time stock quotes, dedicated multilingual customer service during trading hours and 24/7 finance news updates. The company launched the mobile version of Tiger Trade in February 2020 - accessible on Google Play Store and the Apple App Store - offering mobile-savvy generation of retail investors similar trading opportunities as their online users, such as Equities, Exchange-Traded Funds (ETFs), Futures, Stock Options, Warrants, and Callable Bull/Bear Contract (CBBC) on their mobile phones. Both online and mobile app allow users to invest across multiple asset classes traded on Australian, U.S., Hong Kong, Singapore and Australia stock markets such as the New York Stock Exchange (NYSE), NASDAQ, Shanghai/Shenzhen-Hong Kong Stock Connect, the Hong Kong Stock Exchange (HKEX) and the Singapore Stock Exchange (SGX), Australian Securities Exchange (ASX).
Tiger Brokers Singapore is the Singapore entity of UP Fintech Holding Limited, known as "Tiger Brokers" in Asia, a leading online brokerage firm focusing on global investors. Founded in 2014, Tiger Brokers became #1 in the U.S. equity trading by volume among trading platforms catered to Global Chinese investors in less than two years. Tiger Brokers was awarded "2017 Fintech 250" by CB Insights and shortlisted for "China Leading Fintech 50" for two years in a row by KPMG China. The company was listed on NASDAQ under "TIGR" in 2019 and has offices in China, United States, Australia, New Zealand and Singapore. Tiger Brokers has over 1 million customers worldwide currently, with a total trading volume of more than US$62.8 billion in Q3 2020. The company is backed by well-known investors such as Xiaomi, as well as investment guru Jim Rogers. For more information, please visit https://www.tigerbrokers.com.sg
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Source: Tiger Brokers (Singapore) Pte Ltd
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