Tiger Brokers Singapore Adds ASX to Its Online and Mobile Trading Apps, Addressing Demand From Investors

By AIT News Desk On Sep 18, 2020

Tiger Trade Now Offers Access to the Australian Securities Exchange (ASX) Bringing Exchanges Available on Platform to 6.

Xiaomi-backed Tiger Brokers, a global online stock brokerage, has announced adding the Australian Securities Exchange (ASX) to its online and mobile trading app, Tiger Trade. This brings the current number of exchanges available to regional 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 an 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

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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.