Xiaomi-backed online trading platform Tiger Brokers Singapore has entered into a partnership with Alibaba Cloud, the digital intelligence and technology arm of Alibaba Group on June 1.
The collaboration will see Alibaba Cloud providing end-to-end technology support to Tiger Brokers’ trading platform, Tiger Trade, to meet the demands of Tiger Brokers’ investors on the platform.
The partnership will also serve to support the growing number of users on Tiger Trade, where Alibaba Cloud’s solution will help to ensure that the speed of data flow on the app is not compromised.
In addition, Alibaba Cloud’s Big Data analytics will provide insights into the trading behaviour of Tiger Brokers’ investors for the latter to offer better service offerings and trading opportunities.
On the group's collaboration with Alibaba Cloud, Tiger Brokers Singapore CEO Eng Thiam Choon says the group, in addition to offering solutions that address Tiger Brokers' technological needs, it is also "compliant with Singapore's regulatory requirements and compliances", which allows Tiger Brokers to continue their work "without any worries".
"Their strong domain knowledge also helps us understand better how cloud computing can help further our business plans by providing us with end-to-end solutions, including value-added security services, ensuring the safety of our data in the system," adds Eng.
SEE:Hedge risks through futures on Tiger Brokers Singapore's mobile platform
In the 1QFY2021, NASDAQ-listed UP Fintech Holding, the parent company of Tiger Brokers, showed a 255.5% y-o-y surge in total revenues of US$81.3 million ($107.5 million).
The group saw total trading volume during the period nearly triple to US$123.8 billion dollars, with the total number of customers with deposits up by 180.4% y-o-y to 376,000.
“With Alibaba Cloud’s service, we will be able to provide high performance and low latency trading experience on the platform, as well as foresight into our business planning and expansion within the region,” says Kelvin Liu, vice president, engineering at UP Fintech Holding.
“Alibaba Cloud is committed to bringing the best technology solutions to the financial industry and support Tiger Brokers’ digitalisation journey,” says Dr. Derek Wang, Singapore general manager, Alibaba Cloud Intelligence. “We are confident that together with Tiger Brokers, we can bring better user experiences to the platform’s investors, helping them to gain a stronger foothold in the competitive trading industry.”
“Singapore is known as the fintech hub of Asia and a mobile-savvy nation. Today, online trading has become part of the lifestyle of many people as we see 30% of Singapore investors being Gen Zs, also known as the internet generation. We hope to be the go-to trading platform for our investors to make the best, objective trading decisions when it comes to online investing – be it whether they are seasoned or new investors,” says Eng.
"Great trading experience and the ability to offer timely market insights have always been the crux in the decision-making process for investors. Our goal at Tiger Brokers is always focused on providing a seamless trading experience to investors that use our trading platform, as we continue to offer a list of investment offerings to cater to their investment needs," he adds.
Speaking to The Edge Singapore via an e-mail interview, Eng says he has noticed an "acceleration in the technological development of investment trading to cater to the substantial increase in investors shifting from traditional investment methodologies to online platforms".
Amid the rise in the number of community Covid-19 cases, Eng believes that the trend, which has allowed investors to put their money in the markets in a convenient manner, will "continue to thrive with or without the pandemic".
This, he says, is due to investors -- especially Gen Z investors -- being "constantly looking at different ways to grow their wealth".
"Likewise, the investment community in Singapore will also look beyond trading stocks and into other types of investing offerings locally and overseas such as Exchange-Traded Funds (ETFs), Futures, Stock Options, Warrants, Callable Bull/Bear Contracts (CBBCs), Daily Leveraged Certificates (DLCs), US-listed over the counter (OTC) equities to best cater to the growth of their investment portfolio as well as risk appetite," he says.
In 2020, Eng reveals that investors at Tiger Brokers Singapore were "looking out" for specific stocks, particularly those in the technology and healthcare sector, which were co-related to the needs and demands brought about by the pandemic.
Things, however, "could change" as the world moves to the "new normal".
During the same period, Eng notes that cryptocurrencies also "garnered huge attention in the investment space". This is "due to beliefs in the future of digital currencies as well as the high returns presented".
"However, as lucrative as an investment may be, one needs to ensure that it is within their financial appetite as every investment comes with a certain risk," he warns.
"Not everyone could afford a stock worth a thousand dollars – one day it could be a 30% return; the next day, it could be -30%. Like any investments, investors should always do their due diligence in doing the necessary research and understand the level of risk they are willing to undertake. Lastly, not concentrate all attention on one area and balance one’s portfolio to reduce risks."
