Tiger Brokers Singapore Achieves 100% Growth in Account Openings for Three Consecutive Quarters in 2020; Continues to Focus on Untapped Gen Z Market
- Sees Singapore as a huge potential growth market for online trading especially among the younger Singaporeans who are getting more savvy with investing online.
SINGAPORE, Apr 06, 2021 - (ACN Newswire) - Tiger Brokers Singapore, the Xiaomi-backed online trading platform, today revealed continued exponential growth and momentum among its user base in Singapore. The online and mobile-focused brokerage saw 100% growth in customer accounts for three consecutive quarters in 2020.
Wu Tianhua, Chief Executive Officer of UP Fintech Holding Limited shared, "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, also shared, "Compared to a decade ago, trading seems to be out of reach to many. 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.
"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."
It 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. (OTCQX: OTCM) 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," shared Thiam Choon.
Tiger Brokers - Growing strong and steady
Tiger Brokers Singapore's parent company, UP Fintech Holding Limited (NASDAQ: TIGR) or Tiger Brokers (including all of its subsidiaries and consolidated entities), shared their unaudited financial results for the fourth quarter and the year ended December 31, 2020 with total revenue at US$47.2 million, a 136.5% increase from the fourth quarter of 2019. The total number of customers globally with deposits increased by 128.4% 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% since the end of 2019.
Tiger Brokers continues to serve investors worldwide, offering access to fast trade execution and competitive transaction fees. It will continue to offer complimentary real-time stock quotes with no hidden costs, multilingual customer service during trading hours and 24/7 finance news updates. Tiger Brokers hopes to add more trading options on top of the current investment options such as Equities, ETFs, Futures, Stock Options, Warrants, Callable Bull/Bear Contracts (CBBCs), and Fund Mall. They look to add new exchange platforms to their existing six - the New York Stock Exchange (NYSE), NASDAQ, Shanghai/Shenzhen-Hong Kong Stock Connect, the Hong Kong Stock Exchange (HKEX), the Singapore Exchange (SGX) and the Australian Securities Exchange (ASX).
About Tiger Brokers (Singapore) Pte Ltd.
Tiger Brokers (Singapore) Pte Ltd is a brokerage firm operating with a CMS Licence from the MAS. Its Tiger Trade platform 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 a mobile-savvy generation of retail investors similar trading opportunities as online users, such as Equities, Exchange-Traded Funds (ETFs), Futures, Stock Options, Warrants, Callable Bull/Bear Contracts (CBBCs), and Fund Mall on their mobile phones. Tiger Trade allows users to invest across multiple asset classes on the US, China, Hong Kong, Singapore and Australian stock markets such as the New York Stock Exchange (NYSE), NASDAQ, Shanghai/Shenzhen-Hong Kong Stock Connect, the Hong Kong Stock Exchange (HKEX), the Singapore Exchange (SGX) and the 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 as TIGR in 2019 and has offices in China, United States, Australia, New Zealand and Singapore. Tiger Brokers has over 1 million customers worldwide, with a total trading volume exceeding USD219 billion in 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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