UP Fintech Holding (Nasdaq: TIGR), which operates Tiger Brokers, announced on Friday that its Singapore-based subsidiary has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Ltd (CDP).
Tiger Brokers (Singapore) Pte Ltd (TBSL) has been admitted as a trading member by receiving in-principle approval from two of the primary exchanges in the city-state: Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited.
Headquartered in China, Tiger Brokers is a major brokerage platform with services around the world. The broker is operational in Europe and the Asia-Pacific region, but its key markets remain in China, Singapore and New Zealand.
The latest announcement revealed that the company is expecting to use the Singaporean approvals to improve the user experience and services it offers to clients. Additionally, the local entity is expecting to build a strong relationship with CDP and SGX to strengthen its presence in the Singaporean markets.
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Business Is Booming
Tiger Brokers significantly benefited from the influx of retail traders last year and expanded its business on many fronts. It added access to Singapore Exchange and Australian Securities Exchange within the span of a few months.
In addition, the company’s performance improved significantly as it reported excellent financials for several quarters. Moreover, it is turning profits, and the revenue skyrocketed. According to the reported financials, the company’s revenue for Q1 of 2021 increased by 255 percent year-over-year, while the previous quarter saw a jump of 135 percent.
The most important factor behind this jump was the client influx, as the broker ended Q1 with 1,400,200 clients.
Meanwhile, Tiger Brokers is now planning to add cryptocurrency trading services outside the Chinese market. It is already in the process of gaining the necessary licenses but did not reveal the jurisdictions it is targeting.