And as a sign that investors are not simply using referral codes to just create accounts and leave them dormant, Tiger Brokers also saw a 185.1% increase in the number of customer accounts with deposits in 3QFY2021 compared to 3QFY2020. The company says it now has around 612,000 customers with deposits.
Mention Tiger Brokers and many people may remember the bright yellow advertisements floating around social media in the past two years, saying that it would give away shares of companies like Starbucks, Apple, or Disney to new customers who sign up and fund a certain amount to their trading accounts.
Launched in February 2020, the Xiaomi-backed trading platform has seen a huge increase in its user base. Tiger Brokers (Singapore) CEO Eng Thiam Choon says the business under his charge has hit 1.77 million customer accounts as of the third quarter of 2021, which is about twice the number of accounts in the same period the year before.
