Tiger Brokers (NASDAQ: TIGR) has extended the global market access for its clients by adding the Australian Securities Exchange (ASX) as the sixth exchange on its platform.
Announced on Friday, access to the exchange will be available on Tiger Trade, the broker’s mobile and online trading platform.
Other exchanges available through the brokerage include the New York Stock Exchange (NYSE), NASDAQ, Shanghai/Shenzhen-Hong Kong Stock Connect, Hong Kong Stock Exchange (HKEX), and Singapore Stock Exchange (SGX).
“Tiger Brokers believes that technology is a strong enabler to providing convenient access for retail investors to meet their investing needs,” Eng Thiam Choon, CEO of Tiger Brokers Singapore, said. “The access to another popular stock exchange like the Australian Securities Exchange will allow investors to further diversify their investment portfolio.”
The Frenzy for Equities among Retail Investors
The addition of a new market was fueled by the demand for securities among retail traders, and also the surge in its client registration after adding SGX last June. According to the brokerage, new account registration with it between June and August jumped 43 percent year-on-year.
“A major increase in new customers in Q2 2020, as well as a strong growth momentum in total client assets, is indicative of the appeal of our service offerings to both retail and institutional clients. The improvement of these key business metrics showed strength in the business amidst the COVID-19 induced market volatility,” Tiger Brokers’ CEO, Wu Tianhua added.
Backed by Xiaomi, the brokerage went public last year, raising $104 million from the United States investors.
Moreover, Tiger Brokers turned profitable this year as it reported a net income of $3.03 million for the first quarter of 2020. The revenue of the broker for the period jumped 136.7 percent year-over-year to $23.2 million.
(Photo: Tiger Brokers)