Xiaomi-backed online trading platform, Tiger Brokers Singapore, revealed that it has seen 100% growth in the number of its customer accounts for three straight quarters in 2020.
The brokerage says it sees huge potential growth in the Singapore market for online trading, especially among younger Singaporeans, who are getting more savvy with investing online.
In addition, Tiger Brokers Singapore recently partnered with OTC Markets Group to provide customers detailed insights into the OTC market, enabling them to make more informed trading decisions into the market.
OTC Markets Group is an American operator of financial markets for 11,000 US and global securities.
SEE:Tiger Brokers sees 100% growth in account openings for 3 straight quarters in 2020
“The total addressable market in Singapore is huge. So if you look at Singapore's existing market, based on the Central Depository Account (CDP) data, there are about 1.3 million accounts that trade Singapore local stocks and most of them still prefer to place an order by phone,” notes Wu Tianhua, CEO of UP Fintech Holding Limited, which is also known as Tiger Brokers in Asia.
“The country has also 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,” Wu adds. “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.”
To Tiger Brokers Singapore CEO Eng Thiam Choon, “we are seeing an increasing number of individuals, as young as the Generation Zs, beginning to explore online investing as a viable financial lifestyle choice.”
“People are more aware about their trends and developments in global economies and changes in business landscapes today,” says Eng.
“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,” he adds.
