Tiger Brokers Singapore has partnered global technology company Wise in a bid to enable users to fund their investment portfolio easily.
In a Feb 17 release, Tiger Brokers explained that the partnership will now allow Singapore investors to be able to transfer funds from their overseas bank accounts to the Singapore dollar (SGD) in real-time and execute trades on the Tiger trade app within minutes.
Through the app, investors will be able to get the real exchange rate and see their fees upfront, with no hidden costs.
“We are excited to partner with Wise to be the first to offer investors a faster, cheaper and more convenient way to transfer directly to their trading account held with Tiger Brokers Singapore,” says Tiger Brokers Singapore CEO Eng Thiam Choon.
“As we grow, we want to find ways to make it easier and more efficient for investors to trade a wide range of securities across major global markets and currencies on our investment platform. Tiger Brokers has always been focused on creating a superior and seamless trading experience for investors on our online and mobile trading platforms, and our partnership with Wise, a global leader in money movement, is yet another step in this direction.”
According to the online brokerage, digital investments continue to be increasing in Southeast Asia (SEA). In 2021, the region saw 12 million users on investment platforms, up from 9 million in the year before. The region is expected to see some 25 million users on such platforms by 2025.
See also: Asia Pacific VC flow into fintechs dropped 27% y-o-y in 2023: S&P Global Market Intelligence
Vinay Palathinkal, regional head at Wise says, “At Wise, our mission is to make moving money faster, cheaper and more transparent for everyone, everywhere. As a customer-obsessed company, Wise shares Tiger Brokers’ vision for creating new, frictionless experiences for their customers and we’re thrilled to build this feature with them to enable quick and low-cost transfers with no exchange rate markups to their customers.”
Photo: Albert Chua/The Edge Singapore
