Tiger Brokers adds ASX to its online trading and mobile app
By Edil Corneille
Tiger Brokers announced the addition of the Australian Securities Exchange (ASX) to its mobile and online trading application – Tiger Trade. This brings the current number of exchanges available to regional investors to 6 which are the New York Stock Exchange (NYSE), NASDAQ, Shanghai/ Shenzhen-Hong Kong Stock Connect, Hong Kong Stock Exchange (HKEX), Singapore Stock Exchange (SGX), and the ASX.
Tiger Brokers is NASDAQ-listed and a Xiaomi-backed online brokerage focused on global trading across the world’s markets.
The addition of ASX to Tiger Trade’s offering is said to address regional investors’ increasing appetite for equities, even during the current COVID-19 pandemic. Tiger Brokers witnessed a surge in account openings especially during June to August, with an increase of 43 percent y-o-y following the addition of SGX to the platform on June 8. With the ASX seeing an average daily on-market trading volume of AU$5.4 billion (S$5.36 billion) in July, up 21 percent y-o-y, Tiger Brokers wanted to provide access to ASX trading on its platform and to expand its offerings to potential ASX investors.
Eng Thiam Choon, CEO of Tiger Brokers Singapore enunciated, “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.”
“Industries like healthcare and technology have seen tremendous interest from retail investors, and surging stock prices. Tiger Trade has also seen an increased number of transactions in these stocks. We are also seeing retail investors more comfortable using online trading platforms such as ours, similar to the financial industry as a whole, which is rapidly digitizing. With more people at home, the consumption of technology has risen, and Tiger Brokers is well placed to meet that rising trend,” Eng Thiam Choon said.
Wu Tianhua, CEO of Tiger Brokers elucidated, “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 in the business amidst the COVID-19 induced market volatility.”
Tiger Brokers Singapore is able to tap the expertise and insight of its parent UPFinTech in helping drive FinTech innovation in Singapore and Southeast Asia. UPFinTech focuses on global Chinese investors. Earlier this month, it received approval for five new Financial Industry Regulatory Authority (FINRA) licences in the United States.
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