Xiaomi-backed online trading platform Tiger Brokers Singapore has entered into a partnership with Alibaba Cloud, the digital intelligence and technology arm of Alibaba Group on June 1.
The collaboration will see Alibaba Cloud providing end-to-end technology support to Tiger Brokers’ trading platform, Tiger Trade, to meet the demands of Tiger Brokers’ investors on the platform.
The partnership will also serve to support the growing number of users on Tiger Trade, where Alibaba Cloud’s solution will help to ensure that the speed of data flow on the app is not compromised.
In addition, Alibaba Cloud’s Big Data analytics will provide insights into the trading behaviour of Tiger Brokers’ investors for the latter to offer better service offerings and trading opportunities.
In the 1QFY2021, NASDAQ-listed UP Fintech Holding, the parent company of Tiger Brokers, showed a 255.5% y-o-y surge in total revenues of US$81.3 million ($107.5 million).
The group saw total trading volume during the period nearly triple to US$123.8 billion dollars, with the total number of customers with deposits up by 180.4% y-o-y to 376,000.
“With Alibaba Cloud’s service, we will be able to provide high performance and low latency trading experience on the platform, as well as foresight into our business planning and expansion within the region,” says Kelvin Liu, vice president, engineering at UP Fintech Holding.
“Alibaba Cloud is committed to bringing the best technology solutions to the financial industry and support Tiger Brokers’ digitalisation journey,” says Dr. Derek Wang, Singapore general manager, Alibaba Cloud Intelligence. “We are confident that together with Tiger Brokers, we can bring better user experiences to the platform’s investors, helping them to gain a stronger foothold in the competitive trading industry.”
“Singapore is known as the fintech hub of Asia and a mobile-savvy nation. Today, online trading has become part of the lifestyle of many people as we see 30% of Singapore investors being Gen Zs, also known as the internet generation. We hope to be the go-to trading platform for our investors to make the best, objective trading decisions when it comes to online investing – be it whether they are seasoned or new investors,” says Tiger Brokers Singapore CEO Eng Thiam Choon.