Launched in February, the latest entrant to Singapore’s competitive brokerage scene is quickly building its platform to cater to the growing appetite among investors here.
To expand its offerings to potential investors, Tiger Brokers has added access to the Australian Securities Exchange (ASX) on its Tiger Trade platform, which already includes global exchanges such as NYSE, Nasdaq, HKEX and SGX.
«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,» Eng Thiam Choon, the company's chief executive officer, said.
The Beijing-based online securities brokerage was founded in 2014 and is backed by Interactive Brokers Group, Xiaomi, the ZhenFund, and Wall Street investment guru Jim Rogers. The platform has one of the most competitive fees on the market, currently charging 0.08 percent of the share’s value with no minimum fee for trades on the Singapore Exchange (SGX), and $0.01 per share or a minimum amount of $1.99 for trades on NYSE or Nasdaq, with no custodian fee.
Growing Demand
The platform added access to SGX in June, which drove a 43-percent increase in account openings in the third quarter of the year, compared to the quarter before, Tiger Brokers said.
«Retail investors are also more comfortable with using an online trading platform like Tiger Trade, which coincides with how the financial industry is rapidly digitizing especially during the pandemic,» Eng told finews.asia.
«We will continue to strengthen our technology to provide convenient access for our investors to meet their investing needs. We also hope to add on more trading options to provide our investors with more trading alternatives,» Eng said about the firm's plans going forward.
