Tiger Brokers (Singapore) Pte Ltd (TBSL) is a trading partner 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 powerful brokerage platform with services around the world. The broker is operational in Europe and the Asia-Pacific region. However, its key markets persist in China, Singapore, and New Zealand.
The most advanced announcement explained that the company foresees using Singaporean approvals to enhance the user experience and services it gives to clients.
Additionally, the local entity wishes to build a strong relationship with CDP and SGX to increase its presence in the Singaporean markets.
Business Is Booming
Tiger Brokers significantly profited from the entrance of retail traders last year and expanded its business on several fronts. It added access to Singapore Exchange and Australian Securities Exchange in the extent of a few months.
In expanding, the company’s performance increased significantly as it reported outstanding financials for several quarters. Furthermore, it is turning profits, and the revenue skyrocketed.
As stated by the reported financials, the company’s revenue for Q1 of 2021 rose by 255 percent year-over-year. The prior quarter witnessed a jump of 135 percent.
The essential factor behind this increase was the client inrush, as the broker closed Q1 with 1,400,200 clients.
Meantime, Tiger Brokers is now preparing to add cryptocurrency trading services outside the Chinese market. It is previously in the process of getting the necessary licenses but did not exhibit its targeting jurisdictions.