Newbie Singapore Brokerage Logs Rapid Growth

Editorial Staff

16 September 2021

Tiger Brokers (Singapore) Pte. Ltd, an example of a new kind of brokerage aimed at young adults, has reported a 90 per cent-plus surge in account openings of Gen Z users (18 to 24) from a year ago, various media reports said.

Tiger Brokers Singapore's parent company, UP Fintech Holding, which is listed on the Nasdaq exchange, said it logged total revenues of $60.2 million in the second quarter of this year, rising 98.7 per cent year-on-year. Tiger Brokers had 1.65 million customer accounts at the end of Q2 2021, doubling customer accounts from the same quarter a year before.

"Generation Z, or the internet generation, can be regarded as one of the most disruptive generations ever. There is a distinct difference in how they invest and what they invest in compared to their Millennial or Baby Boomers' peers,” Eng Thiam Choon, chief executive, said.

The rise of such platforms highlights how Asia’s financial world remains to a certain extent a highly transactional one, although parts of the wealth management field in the region have turned towards more discretionary models, in some ways influenced in recent years by European and American models.

Tiger Brokers was launched in February last year.