Tiger Broker Posts Profit In Fourth Quarter: 32% Revenue Growth
Tiger Brokers, regulated by Monetary Authority of Singapore and operated by UP Fintech (Nasdaq: TIGR) declared a notable progress during their 2021 fourth quarter earnings. The company registered $62.2 million total revenue for the mentioned quarter, an increase of 31.7% over the same period previous year.
In terms of assets, total customer assets stands at $17.1 billion in the fourth quarter and the corresponding net customer asset inflow exceeded $2 billion.
However, due to the losses experienced by some of its institutional clients on their holdings of Hong Kong listed equities and Chinese ADR during the fourth quarter, total client assets declined sequentially from the third quarter.
“The company delivered satisfactory results for the fourth quarter and year ended 2021,” the CEO and Director of UP Fintech, Wu Tianhua said.
In October 2021, tiger brokers acquired a Hong Kong broker dealer license. This action was executed for not only the firm to increase the future profitability of their Hong Kong securities, but also to eventually Onboard Hong Kong local residents.
Including Hong Kong, the company holds 50 licenses and qualifications that span the United States, Australia, Singapore, New Zealand and other Jurisdicted territories. Securing such kind of rich licenses and qualifications paints white its ground for long term international growth.
The Broker Spiking Graph
In their report, the broker made an expound address of their achievements. The company added 61,400 accounts, of which more than 90% emanated from overseas markets. This portrayed their stunning global wave spread.
In addition, Tiger Brokers registered 415,000 funded accounts, a figure that surpassed their 350,000-account annual guidance. The total number of funded accounts hit 673,000 whereby half came from other overseas markets.
Demonstrating the firm’s internationalization strategy yielded solid results for the full year 2021.
“Of the newly funded accounts in the fourth quarter, over 90% came from outside China, and, of the 673,400 total funded accounts at our company, over half are from Singapore or other international markets,” Tianhua mentioned.
“Given we only started to operate in Singapore two years ago, the rapid growth of our Singapore client base demonstrates our execution capability and the growing appeal of our platform across multiple countries and regions.”