SINGAPORE, June 11, 2024 /PRNewswire/ -- In June, Tiger Brokers celebrates its 10th anniversary. The company launched its flagship trading platform, Tiger Trade, a decade ago, revolutionizing the brokerage industry with innovative technology. Tiger Brokers went public on Nasdaq in 2019 and expanded internationally, starting with Singapore in 2020. By Q1 2024, Tiger Brokers had over 10 million global users, 2.25 million account holders, and saw customer assets grow 104% year-on-year to an all-time high of US$32.9 billion. In 2023, client trading volume reached US$294.2 billion.
Key Milestones
Wu Tianhua, founder and CEO of Tiger Brokers, stated: "Over the past decade, Tiger has focused on three key areas.
First, we expanded markets. Starting from Singapore, we have entered Hong Kong (SAR), the US, Australia, and New Zealand, offering one-stop global investment services. These markets now account for over three-quarters of total customer assets and more than half of the company's revenue. Singapore is the largest market for both new and existing customers.
Secondly, we expanded products. Investors can now invest in global stocks, ETFs, options, futures, US Treasuries, structured notes, and funds—all with a single account. The integrated investment experience of Tiger Trade, combining market data, news, social education, trading, and wealth management, has become our unique competitive edge, helping us to maintain a high customer retention rate of 98%.
Thirdly, we expanded business lines. Starting with retail brokerage, Tiger Brokers' business matrix now includes wealth management, institutional brokerage, investment banking, and corporate services. These areas complement the brokerage business, creating a positive cycle. We will continue to leverage technology to enhance customer experience and financial service efficiency, delivering greater value to our clients."
Strong Performance in Key Markets
- Singapore: As the global headquarters, Tiger Brokers has seen a compound annual growth rate of 539% in local account openings since Q1 2020. Customer assets in Singapore have increased for five consecutive quarters. The company was recognized as the "Best Retail Broker" by the Securities Investors Association Singapore (SIAS) for two consecutive years. Approximately one in three Singapore residents had tried Tiger Trade, with high-net-worth individuals increasingly joining. In Q4 last year, the average net asset inflow per new funded client reached over US$16,000, marking a historic high.
- Hong Kong (SAR): Client assets grew 251% year-over-year in 2023, with new funded accounts averaging net asset inflows of US$18,000 in Q1. Tiger Brokers also become one of the first tech brokers to upgrade its Type 1 license, launching virtual asset trading services for professional investors, expanding its client base and contributing to the local financial industry with its technological innovations.
- Australia: Tiger Brokers has strengthened its local operations by introducing uninvested cash interest services and CHESS-sponsored trading for Australian stocks, enhancing customer recognition. In Q1 2024, the number of trading accounts increased by 20% quarter-on-quarter, with net asset inflow nearly tripling from the previous quarter. Tiger Brokers has also received several industry awards, including the "2023 International Share Trading Award" from Canstar.
- New Zealand: Tiger Trade ranks among the top 20 financial apps, with new funded accounts increasing by nearly 80% and trading customers growing nearly threefold in the past year.
Innovative Offerings Driving Growth
Tiger Brokers updates its services bi-weekly to meet user needs. A notable recent enhancement is the introduction of 24-hour trading for over 500 U.S. stocks and ETFs. This feature is particularly beneficial for investors in the Asia-Pacific region, such as Australia, New Zealand, and Singapore, as it allows them to integrate investing seamlessly with their daily routines. For options traders, Tiger has bolstered its derivatives trading capabilities with tools like an options screener, multi-leg options strategies, and options rolling, further solidifying its leadership in the derivatives market.
In a pioneering move, Tiger introduced TigerGPT in Q2 of the previous year, the industry's first AI investment assistant that marries ChatGPT technology with financial data. This innovative tool aids investors in swiftly analyzing market dynamics and financial reports. By simulating a variety of market scenarios, TigerGPT helps users identify potential risks and forge more resilient investment strategies. Since its launch, TigerGPT has supported over 400,000 interactions, with more than 10,000 weekly engagements, demonstrating its significant impact and utility.
Expanding Wealth Management Services
Tiger Brokers' wealth management offerings cater to various risk preferences and goals. Since 2020, the platform has included money market funds, bond funds, and ETFs, with top products achieving annual returns over 7%. The "Tiger Vault" cash management tool has gained popularity for its low threshold, stable returns, and flexibility, especially during interest rate hikes. As of Q1, its AUM grew by 191% year-over-year, with user numbers doubling. The introduction of U.S. Treasuries and structured notes has further diversified asset allocation options, with Treasury trading customers nearly doubling and AUM growing more than sixfold QoQ.
Wealth management has been a key driver of Tiger Brokers' international growth. In Singapore, assets in funds (excluding "Tiger Vault") grew over 50% quarter-on-quarter in Q1. In Hong Kong, over 40% of new funded customers used Tiger wealth services in Q1.
Leading in U.S. and HK IPOs
Tiger Brokers has become a preferred partner for Chinese companies listing on U.S. and Hong Kong (SAR) stock exchanges. Since 2017, Tiger Brokers has been one of the first brokers to offer retail investors opportunities to participate in U.S. IPOs, a domain previously reserved for institutions and a few high-net-worth individuals. To date, Tiger Brokers has underwritten over 150 U.S. and Hong Kong IPOs. From 2019 to 2023, Tiger Brokers ranked first in underwriting U.S. IPOs of Chinese companies with a market value exceeding US$600 million. For Hong Kong IPOs from 2018 to 2023, more than half of the companies underwritten by Tiger Brokers had a market value exceeding HK$1 billion.
Tiger's ESOP services, branded "UponeShare" since 2022, address traditional platform limitations with a self-developed equity management platform, earning the trust of 557 corporate clients. Consulting fees and SaaS platform fees have also seen steady growth.
Expanding to institutional business
With a strong foothold in brokerage and corporate services, Tiger Brokers is now targeting institutional business. In response to the widespread challenges faced by asset and wealth management professionals, such as cumbersome offline processes, difficulty in managing client fees, limited trading options, slow settlement speeds, and unclear pricing strategies, Tiger Brokers launched its next-generation Turnkey Asset Management Platform (TAMP) in September last year.
By implementing fully online processes, advanced trading capabilities, and a diverse array of investment options, and backed by a team with extensive experience in business and services, TAMP considerably improves both client relationship management and the efficiency of asset management.
The company's commitment to technology-driven solutions and customer-centric services sets it apart in the competitive financial services landscape. As Tiger Brokers continues to innovate and grow, it remains dedicated to delivering exceptional value to both retail and institutional clients globally.
