The number of account openings by Gen Zs on online brokers Tiger increased by over 90 percent in Q2 2021, compared to the same period last year.
Singapore is one of the largest contributors of Tiger Brokers' newly funded accounts derived from international markets over the past quarter, the Xiaomi-backed platform said in an announcement on Tuesday.
For Singapore Generation Z investors, the purchase of stocks, futures and options increased by at least nine-fold as compared to the same period last year, with a notable surge in the preference for stocks and options by around 14 times in terms of volume, Tiger said.
Strong Growth
«With better access to data and information to supplement their financial knowledge, on top of increased awareness around world issues, it is clear that the narrative for investing will no longer be how it used to be,» Eng Thiam Choon, Tiger Brokers CEO, said about Gen Z investment habits.
«Having more and more Gen Z investors on board meant that we need to provide more meaningful interactions, bite-sized content while maintaining impeccable user experience at the same time,» Eng added.
Globally, Tiger Brokers currently has 1.65 million customer accounts as of Q2 2021 – twice the number of accounts from a year ago. The company’s total trading volume also increased by 118.2 percent at $102 billion compared to $46.8 billion same time last year, according to financial results for Q2 2021, published this week.
Stiff Competition
Tiger Trade, its Singapore consumer platform, has one of the most competitive fees on the market, currently charging 0.08 percent of the share’s value with no minimum fee for trades on the Singapore Exchange (SGX), and $0.01 per share or a minimum amount of $1.99 for trades on NYSE or Nasdaq, with no custodian fee.
However, it faces stiff competition from rivals such as Gen Z-focused investment platform moomoo, which is operated by Tencent-backed Chinese online brokerage Futu.
Just last month, Tiger said it would be going after the institutional segment with the launch of a business-to-business (B2B) platform.