Tiger Brokers Goes Big with New Fund Management Venture in Singapore

Tiger Fund Management (TFM), an affiliate of Tiger Brokers (Singapore) retail trading company, has officially commenced its operations in Singapore after receiving its Capital Market Services, Fund Management license from the Monetary Authority of Singapore (MAS) in May 2023. Already managing over SGD 300 million ($220 million) in assets, the firm aims to offer individual and institutional investors a range of asset management and wealth management services.

A Strategic Milestone for Tiger Brokers

TFM's launch is considered a significant step for Tiger Brokers. Henry Toh, the CFO of Tiger Brokers (Singapore), mentioned that the inception of TFM aligns with their long-term commitment to providing comprehensive financial services. This move signifies Tiger Brokers' debut in the fund management sector and its growth in the Singapore market and the broader Asian region.

"As part of our long-standing commitment to offering more efficient, innovative and holistic financial services, TFM aspires to deliver exceptional value serving the needs of our clients and capturing growth opportunities in these strategically important business areas," Toh added.

The company has strategically partnered with Yuanta Securities (Hong Kong) to broaden its service offerings. Through this memorandum of understanding (MOU ), TFM commits to enhancing its product line and extending its market reach. This MOU also represents Yuanta Securities' first collaboration with a Singaporean fund management firm.

Tiger Fund Management Plans and New CEO

Building on Tiger Group's technological strengths, TFM plans to offer various asset management products and wealth management services. A money market fund, advised by Yuanta Securities (Hong Kong), is slated for a late 2023 launch. This new product aims to provide investors with liquidity options while offering competitive returns with USD short-term deposits.

Jeremy Tan, the former Chief Investment Officer at Tiger Brokers (Singapore), was recently appointed as the CEO of Tiger Fund Management. He sees the partnership with Yuanta Securities as a stepping stone for future collaborations. Under his leadership, the company aims to continue joint investment and fundraising activities, including the planned money market fund and potentially other funds relevant to their client base in Asia.

"Looking ahead, we will continue to work together on investment and fundraising activities for all joint fund launches, starting with the money market fund later this year, and will look into the possibility of establishing other funds in Asia relevant to our clients," Tan added.

Before joining TFM, Jeremy Tan gained considerable experience in asset management, previously working at United Overseas Bank and other financial institutions. He plans to leverage this expertise to enhance TFM's fund management capabilities and to meet the financial needs of both individual and institutional clients.

Tiger Brokers Bets on AI, Reports Two-Year High in Profit

After a three-month trial involving more than 11,000 investors and cryptocurrency traders, Tiger Brokers has unveiled TigerGPT, a first-of-its-kind AI-based investment assistant in the brokerage world. The assistant is now available to users in New Zealand, Australia, and Singapore, with plans to expand to additional countries.

Exclusive data obtained by Finance Magnates from the testing phase revealed that 81% of clients found the chatbot's answers accurate and satisfying. Meanwhile, UP Fintech Holding Limited, the parent company of Tiger Brokers, reported its second-quarter financials, possibly impacted by the TigerGPT launch in April.

UP Fintech's revenue for the second quarter touched $66.1 million, marking a year-over-year increase of 23.5%. This performance aligns closely with the revenue figure of $66.3 million from the previous quarter. Furthermore, the company's non-GAAP profit escalated to a two-year record high of $15.3 million.