Tiger Brokers Earned $9.4 Million in Q4, Recovers from Losses

US-listed UP Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term (NASDAQ: TIGR), which is known by its tradename Tiger Brokers, published its unaudited financials for the fourth quarter of 2020, showing a massive increase in its business both for the quarter and the year.

The total revenue for the final quarter, ending on 31 December 2020, came in at $47.2 million, 135 percent higher than the reported figures for the same quarter a year ago. In addition, the net quarterly revenue of the multi-regulated broker jumped by 132.4 percent to $42.9 million.

The significant revenue jump contributed to the brokerage’s earnings as the net income for the quarter stood at $9.4 million, recovering from losses of the previous year.

Rounding up the figures for the whole year, the Nasdaq-listed broker ended 2020 with $138.5 million in total revenue, which is 136.1 percent higher than the previous year. Moreover, it had a net income of $19.2 million, compared to a $5.9 million loss in 2019.

Demand Soars

Similar to most of the trading platforms, Tiger Brokers’ business benefited from the spike in demand last year triggered by the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term in the markets. The company revealed that it ended 2020 with more than 1.1 million customer accounts and handled over $65.4 billion in trading volumes in the last quarter of the year.

The rise in demand was prominent as the total account balance with the broker increased by 215.9 percent year-over-year to $16 billion while the customer deposits jumped by 128.4 percent.

Commenting on the impressive figures, UP Fintech Director and CEO, Wu Tianhua said: “Continuous investment in our platform and innovative range of services drove robust financial performance for our Company in the fourth quarter of 2020.”

“[The revenue jumps] were bolstered by healthy increases in commissions, interest income and revenues derived from our corporate business.”