Online brokerage Tiger Brokers (Singapore) sees strong Q3 growth led by first-timer deposits and newly funded accounts

Dec 03, 2021 14:00 JST

Source: Tiger Brokers (Singapore) Pte Ltd

Parent UP Fintech files Q3 Report with Nasdaq earlier this week

SINGAPORE, Dec 03, 2021 - (ACN Newswire) - Online brokerage Tiger Brokers (Singapore) Pte. Ltd. ("Tiger Brokers Singapore") today announced that the average Singapore 'first-timer' account deposit has increased to $5,000 this quarter (Q4 2021), compared to the average initial deposit of $4,000 in Q2 and Q3 2021, as the pool of investors wishing to access Singapore's diverse range of investment opportunities continues to broaden. Over 80% of the 353,300 newly funded accounts acquired through three quarters (Q3 2021) are attributable to international markets, including Singapore, already surpassing the full year guidance of 350,000 newly funded accounts.

Eng Thiam Choon, Chief Executive Officer, Tiger Brokers (Singapore), said of these results, "Our strong growth and credibility in Singapore has placed us in a great position for internationalization as more and more people are evidently choosing to include trading and investments as part of their wealth growth plan. We will continue to work towards building a seamless trading experience for investors on our online and mobile trading platform, Tiger Trade, while keeping them engaged through the variety of financial products available that are relevant and meaningful to them and their lifestyle."

Tiger Brokers Singapore's parent company, UP Fintech Holding Limited (NASDAQ: TIGR) or Tiger Brokers (including all of its subsidiaries and consolidated entities), recorded a total revenue at US$60.8 million for their unaudited Q3 2021 financial results, which was a 59.6 per cent increase as compared to third quarter ended 30 September 2020 ("Q3 2020"). Tiger Brokers has a total of 1.77 million customer accounts as per Q3 2021, approximately doubling the number of customers accounts in the same quarter of last year, whilst the total number of customers with deposits increased 185.1 per cent to 612,000 on a year-over-year basis.

As part of the Company's current strategic global expansion plans, Tiger Brokers (Singapore) has also been established as the dual headquarters to complement the existing headquarters in Beijing and streamline operational efficiency. The Singapore office will also be the Company's new principal executive office. The decision is intended to promote the Company's current strategic global expansion plans and streamline the operational efficiency of the Company; the decision is also supported by the fact that Singaporean clients already account for a substantial and growing proportion of the Company's total client base.

Tiger Brokers has also acquired Ocean Joy Securities Limited, a Hong Kong licensed broker dealer regulated by the Hong Kong SFC (Securities and Futures Commission), to further expand its brand into Asia to build its local client base and contribute to the growth of the vibrant and dynamic capital market through its innovative fintech platform.

Substantiated by its rapid growth in Asia, Tiger Brokers (Singapore) was most recently awarded "Asia's Most Innovative Company" at the 2021 Fortune Times Awards Ceremony for its innovation to bring better services to local users and add value to the financial industry in Singapore. It was also recently officially admitted as a trading member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited, as well as a clearing member and depository agent of The Central Depository (Pte) Limited.

Additionally, Tiger Brokers (Singapore) is also proud to announce that they are a member of Blockchain Association Singapore (BAS) - a growing community to leverage blockchain and scalable technologies for business growth and transformation. Under BAS' membership, Tiger Brokers (Singapore) will be able to raise further awareness of blockchain and deliver positive impact through continuous innovation for the investment community on their online and mobile trading platform, Tiger Trade.

The Tiger Trade mobile application is available for download on the Apple App Store and Google Play Store.
- Apple App Store: https://apps.apple.com/sg/app/id1023600494
- 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 - available on both online and mobile app (Apple App Store and Google Play Store) - offers complimentary real-time stock quotes, dedicated multilingual customer service during trading hours, 24/7 finance news updates.

Through Tiger Trade, Tiger Brokers (Singapore) offers retail investors in Singapore access to six global exchanges: US (NYSE, NASDAQ), China (Shanghai/Shenzhen-Hong Kong Stock Connect), Hong Kong (HKEX), Singapore (SGX) and Australia (ASX), with access to investment offerings such as Equities, Exchange-Traded Funds (ETFs), Futures, Stock Options, Warrants, Callable Bull/Bear Contracts (CBBCs), Daily Leveraged Certificates (DLCs), and US-listed over the counter (OTC) equities, and a Fund Mall.

Tiger Brokers (Singapore) is the Singapore entity of UP Fintech Holding Limited (NASDAQ: TIGR), known as "Tiger Brokers" in Asia, a leading online brokerage firm focusing on global investors. Founded in 2014, 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 1.7 million customers worldwide currently, with a total trading volume exceeding USD92.6 billion in Q3 2021. For more information, visit https://www.tigerbrokers.com.sg.

About UP Fintech Holding Limited

UP Fintech Holding Limited (NASDAQ: TIGR) is a leading online brokerage firm focusing on global investors. The Company's proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world, while proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearing houses. For more information, please visit: https://ir.itiger.com.

For media enquiries, please contact:
PRecious Communications for Tiger Brokers (Singapore)
Email: Tiger@preciouscomms.com

This advertisement has not been reviewed by the Monetary Authority of Singapore.
Tiger Brokers (Singapore) Pte Ltd (herein "Tiger Brokers") may, to the extent permitted by law, participate or invest in other transactions with the issuer of the products referred to herein, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or options thereof. The information herein is for recipient's information only and not an offer to sell or a solicitation to buy. Any date or price information is indicative only and may be changed without prior notice. All opinions expressed and facts referred to herein are subject to change without notice. The information herein was obtained and derived from sources that we believe are reliable, but while reasonable care has been taken to ensure that stated facts are accurate and opinions are fair and reasonable, Tiger Brokers does not represent that it is accurate or complete and it should not be relied upon as such. Before making an investment decision, you should speak to a financial adviser to consider whether this information is appropriate to your needs, objectives and circumstances. Tiger Brokers assumes no fiduciary responsibility or liability for any consequences financial or otherwise arising from trading in securities if opinions and information in this document may be relied upon.

Source: Tiger Brokers (Singapore) Pte Ltd
Sectors: Exchanges & Software, Daily Finance, Funds & Equities, Blockchain Technology, FinTech