The company added 24,606 funded accounts in the quarter, bringing the total to around 865,000. Its new and existing clients helped result in a net inflow of US$1.5 billion, bringing the total balance to US$18.9 billion, up 45.7% y-o-y. The average net asset inflow for new clients in Singapore was around US$10,000 each.
A familiar face to Tiger Brokers has returned to take on the top dog position in one of its key markets, Singapore. Amid the crowd of players targeting the same small retail population, new CEO Ian Leong’s challenge is to snatch market share from old and new competitors. However, he also knows the key to sustainable growth is to make the overall market pie bigger.
On Nov 27, 2023, UP Fintech, the Nasdaq-listed holding company of Tiger Brokers, reported another set of improving financial results for its 3QFY2023. Total revenue in the three months ended Sept 30, 2023, was US$70.1 million ($93.79 million), up 26.6% y-o-y, with growth from both brokerage fees it charges clients and interest-related income from holding balances. Net income in the same quarter hit US$13.2 million, up from US$3.3 million in 3QFY2022.
