The announcement comes amid strong growth of its «Tiger Trade» mobile and online trading app, which launched in February 2020. From March to April 2020, the number of new accounts grew by 195 percent and transaction volume increased by 345 percent.
According to the company, about one-quarter of its users are located outside of Singapore, with the majority from Malaysia, Indonesia and India.
«Despite the Covid-19 pandemic and economic uncertainty, Singapore’s financial markets remain competitive and well-positioned for sustained growth,» Wu Tianhua, CEO of Tiger Brokers, said in the announcement, which noted 35 percent year-on-year growth in the turnover of the securities market on SGX in April.
Tiger Trade offers retail investors one of the lowest commission rates for trades among Singapore brokerages, at $1.99 (S$2.80) per trade. The platform also offers access to the New York Stock Exchange, Nasdaq, and the Hong Kong Stock Exchange.
Tiger Trade’s investors and backers include Interactive Brokers, Chinese tech giant Xiaomi and Wall Street investment guru Jim Rogers.
The firm's Singapore operations are led by Eng Thiam Choon, who has 14 years of experience in the financial sector with a focus on corporate B2B business in the futures industry. He was previously chief operating officer at HGNH International Financial (Singapore), and also spent eight years at Phillip Futures, where he represented the Singapore office in expanding and exploring the Greater China Market.