UP Fintech's Subsidiary in Singapore Sees Over 100% Growth in Client Accounts in Three Consecutive Quarters
BEIJING,Feb. 17,2021 -- UP Fintech Holding Limited (the "Company",a NASDAQ-listed company under the ticker "TIGR",and all of its subsidiaries and consolidated entities),a leading online brokerage focusing on global Chinese investors,recently announced that its wholly owned subsidiary,Tiger Brokers Singapore,delivered over 100% quarterly growth in client accounts for the third consecutive quarter as of December 31,2020. During the aforementioned period,the company's number of active traders grew at an average monthly growth rate of 45% compared to an industry growth rate of around 20% in Singapore.
UP Fintech Holding Limited made its most notable foray yet into international markets with the launch of its trading platform in Singapore in February 2020,when the company established its regional office with a local team of experienced financial services professionals. By leveraging its parent company's proprietary technology,Tiger Brokers Singapore is able to provide a comprehensive and user-friendly online trading experience for Singapore-based investors.
Mr. Wu Tianhua,CEO of UP Fintechcommented,"Over the past six years,we have developed an integrated trading platform that is capable of managing capital flows across multiple exchanges and classes of securities. With some of the lowest commission rates in the industry,we hope to offer investors in Singapore a diversified list of product offerings and an easy-to-use investing platform with a comprehensive set of analytical tools and real-time market information".
"We continue to see strong interest in global investing from Singaporean clients and we are committed to bring more products to our customers," Said Wu. Tiger Brokers Singapore now offers investors the ability to trade securities listed in Singapore,The U.S.,Hong Kong,and Australia. Other investment products include options,warrants,and futures. The company also recently enabled Singapore clients to invest in global mutual funds through its signature "Fund Mall",a one-stop shop that allows investors to allocate their capital across more than 100 funds from multinational asset management firms.
According to Wu,the investing app launched in Singapore was specifically designed to accommodate local users' preferences. For example,Tiger Brokers Singapore has integrated with SingPass and partnered with DBS to streamline its online account opening process as well as allow instant transfers between clients' bank and brokerage accounts.
"We want the onboarding process to be seamless,easy,and the interface to be intuitive. We will continue to invest heavily in technology research and development to meet various user needs. We believe this will help to ensure a constant inflow of high quality clients to our platform and position us for continued growth," Wu added.
About UP Fintech
Founded in 2014,UP Fintech Holding Limited quickly become the platform of choice for trading U.S. securities online among global Chinese investors. The company reached the million-account milestone in October 2020,representing a growth rate that is faster than any other online brokerage firm focusing on global Chinese investors.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other statements,the business outlook and quotations from management in this announcement,as well as the Company's strategic and operational plans and market trends,contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: the Company's growth strategies and future business opportunities; trends and competition in Chinese and global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company's industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release,and the Company undertakes no obligation to update any forward-looking statement,except as required under applicable law.
