SINGAPORE, Sept 17, 2020 - (ACN Newswire) - Xiaomi-backed Tiger
Brokers, a global online stock brokerage, has announced the
addition of Australian Securities Exchange (ASX) to its online and
mobile trading app, Tiger Trade. This brings the current number of
exchanges available to Singapore investors on Tiger Trade to 6,
including the New York Stock Exchange (NYSE), NASDAQ,
Shanghai/Shenzhen-Hong Kong Stock Connect, Hong Kong Stock Exchange
(HKEX), Singapore Stock Exchange (SGX), and now, the Australian
Securities Exchange (ASX).
The addition of ASX to Tiger Trade's offering addresses
Singapore-based investors' increasing appetite for investing even
during the COVID-19 pandemic. Tiger Brokers witnessed a surge in
account openings in 2020, and from June to August saw an increase
of 43%, with the addition of SGX to the platform in June. With the
ASX seeing an average daily volume of AU$5.4 billion (S$5.36
billion) in July, up 21% y-o-y, it was natural that Tiger Brokers
would provide access on Tiger Trade, and expand its offering to
potential ASX investors.
Mr Eng Thiam Choon, CEO of Tiger Brokers Singapore, said, "Tiger
Brokers believes that technology is a strong enabler to providing
convenient access for retail investors to meet their investing
needs. The access to another popular stock exchange like the
Australian Securities Exchange will allow investors to further
diversify their investment portfolio."
Increasing demand for overseas exchanges
The top 10 stocks traded on the Tiger Trade platform included
Tesla, Alibaba, Apple and Netflix from the US stock exchanges and
Tencent and Alibaba from Hong Kong, with the rest being banking
stocks, glove makers and Singapore Airlines (SIA) in Singapore. Of
these, across all exchanges, the industries most traded were in
healthcare, as well as in the technology sector.
"Given the COVID-19 phenomena, industries like healthcare and
technology have seen strong interest from investors, and surging
stock prices. As such, Tiger Trade has also seen an increased
number of account openings, and transactions in these stocks as
well. Also, we are seeing that retail investors are more
comfortable using online trading platforms such as ours, similar to
how the financial industry as a whole is digitizing. With more
people staying at home due to the pandemic, the consumption of
technology has risen. We are seeing more users open to using
technology to meet their investment needs, and at Tiger Brokers, we
are well placed to meet that rising need," Mr Eng shared
further.
Mr Wu Tianhua, CEO of Tiger Brokers, commented, "A major increase
in new customers in Q2 2020 as well as a strong growth momentum in
total client assets is indicative of the appeal of our service
offerings to both retail and institutional clients. The improvement
of these key business metrics showed strength of the business
amidst the COVID-19 induced market volatility." The increase in
online brokerage preference also aligns with Accenture's
data-driven analysis of COVID-19's impact on the digital behaviour
of Singapore consumers. The report showed that the opportunity in
Singapore's digital economy is worth at least half a billion US
dollars per annum.
Tiger Brokers Singapore was able to tap the expertise and insight
of parent UPFintech Holdings to help drive fintech innovation in
Singapore and Southeast Asia. UPFintech's Q2 earnings showed y-o-y
revenue growth of 121.8% to US$30.1 million, with trading volume
reaching US$46.8 billion and client assets rising by 132.9% to a
new high of US$8.3 billion (as of June 30). Amidst COVID-19,
UPFintech assisted many firms by completing sizable orders, showing
the group's capability to serve its 500+ institutional and
corporate clients. UPFintech led the rankings among brokers for
underwriting US IPOs during H1 2020, while receiving approval for
five new Financial Industry Regulatory Authority, Inc. ("FINRA")
licences in the US as well.
The Tiger Trade mobile application is available for download at the
Apple App and Google Play store.
Apple App: https://apps.apple.com/sg/app/id1023600494
Google Play:
https://play.google.com/store/apps/details?id=com.tigerbrokers.stock
For media enquiries, please contact:
PRecious Communications for Tiger Brokers (Singapore)
Email: Tiger@preciouscomms.com / media@tigerbrokers.com.sg
Phone: +65 9667 3157 or +65 9152 0086
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,
24/7 finance news updates, dedicated multilingual customer service
during trading hours and similar trading opportunities to online
users, such as Equities, Exchange-Traded Funds (ETFs), Futures,
Stock Options, Warrants, and Callable Bull/Bear Contracts (CBBC).
Both online and mobile app allow users to invest across multiple
asset classes trading on the New York Stock Exchange (NYSE),
NASDAQ, Shanghai/Shenzhen-Hong Kong Stock Connect, Hong Kong Stock
Exchange (HKEX), Singapore Stock Exchange (SGX), and now, the
Australian Securities Exchange (ASX).
Tiger Brokers Singapore is the Singapore entity of UPFintech
Holding Ltd, known as "Tiger Brokers" in Asia, a leading online
brokerage firm focusing on global investors. Founded in 2014, Tiger
Brokers became #1 in U.S. equity trading by volume among platforms
catering to Chinese global investors in less than two years. 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 743,300 customers worldwide, with total
trading volume of more than US$46.8 billion (as of Q2 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.
Source: Tiger Brokers (Singapore) Pte Ltd
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