Tiger Brokers Parent Hits $65.1B Trading Volume in Q2, Two-Year High in Profit

<p>After solid results for Q1 2023, UP Fintech Holding Limited (NASDAQ: TIGR), a prominent online brokerage firm and the Tiger Brokers trading brand operator, presented nearly identical revenues for Q2. The results may have been influenced, among other factors, by the April launch of TigerGPT, the industry's first AI investment assistant.</p><p>UP Fintech Announces
Financial Results for Q2 2023</p><p>UP
Fintech's revenue and profit have seen substantial growth driven by global
expansion and a focus on <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> innovation. The company's revenue for the
quarter reached $66.1 million, showing an increase of 23.5% compared to the previous
year. The results coincided with the results from the previous quarter <a href="https://www.financemagnates.com/forex/up-fintech-q1-2023-revenue-jumps-26-yoy-to-663m/" target="_blank" rel="follow">when
revenues totaled $66.3 million</a>. Additionally, UP Fintech's non-GAAP profit
surged to $15.3 million, setting a two-year record high. </p><p>"The
second quarter marked a period of gradual recovery in the overall market, and
UP Fintech's performance mirrored this trend," Wu Tianhua, the CEO and Founder
of UP Fintech, commented. "Our revenue remained stable and showed
encouraging improvement, culminating in a double-digit growth year-over-year.
The non-GAAP net profit's significant growth, surpassing the total of the
previous year, underscores our strong financial position."</p><blockquote><p lang="en" dir="ltr">We're thrilled to unveil our Q2 2023 financial results, and let's just say, the numbers are speaking volumes!<a href="https://t.co/qMn1zKYZ5A">https://t.co/qMn1zKYZ5A</a><a href="https://twitter.com/hashtag/TigerBrokers?src=hash&amp;ref_src=twsrc%5Etfw">#TigerBrokers</a> <a href="https://twitter.com/hashtag/TigerTrade?src=hash&amp;ref_src=twsrc%5Etfw">#TigerTrade</a> <a href="https://twitter.com/hashtag/Q2Earnings?src=hash&amp;ref_src=twsrc%5Etfw">#Q2Earnings</a> *Investment carries risks. Please invest responsibly. This content does not include any investment advice.* <a href="https://t.co/2Tqe7QAfs5">pic.twitter.com/2Tqe7QAfs5</a></p>— Tiger Brokers Singapore (@TigerBrokersSG) <a href="https://twitter.com/TigerBrokersSG/status/1696449664487465140?ref_src=twsrc%5Etfw">August 29, 2023</a></blockquote><p>The company
added 58,582 new customer accounts during the quarter, bringing its global
portfolio to 2.12 million. Furthermore, the number of funded accounts rose 15% year-over-year (YoY), reaching 840,931.</p><p>The total
trading volume on UP Fintech's platform reached $65.1 billion, with $19.3
billion attributed to stock trading. The company also reported that clients
traded 7.76 million options and futures contracts. Customer assets increased 16.2% YoY, amounting to $17.3 billion. The quarterly net asset inflow was a
significant $1.6 billion, reflecting strong customer engagement and trust.</p><p>You can find the rest of the article under the infographic:</p><p>TigerGPT and Auto-Invest by
UP Fintech</p><p>In April,
<a href="https://www.financemagnates.com/forex/tiger-brokers-launches-industrys-first-ai-investment-assistant-tigergpt/" target="_blank" rel="follow">the company introduced TigerGPT</a> as the industry's first AI trading assistant,
an alternative to the AI chatbot ChatGPT. According to information shared by
Tiger Brokers with Finance Magnates, 11,000 traders achieved an accuracy
level of 81% four months after the service's launch during the tool's testing
phase. Now, the application is available to a broader audience. </p><p>Henry Toh,
the CFO at Tiger Brokers (Singapore), stated that the company recognizes AI's
vital role in the investment sector and developed TigerGPT to revolutionize the
investor experience on a larger scale. As <a href="https://www.financemagnates.com/cryptocurrency/crypto-and-ai-contrasts-and-compatibility/" target="_blank" rel="follow">reported </a>by Finance Magnates, ChatGPT has garnered widespread praise in recent times for its performance.</p><p>In related
news, Tiger Brokers has <a href="https://www.financemagnates.com/forex/news-nuggets-26-july-tiger-launches-hk-stocks-auto-invest-moneta-hires-new-manager/" target="_blank" rel="follow">rolled out</a> an automatic investment plan (AIP) for Hong
Kong stocks via its main platform, Tiger Trade. This feature allows global
investors to trade weekly, bi-weekly, or monthly, starting from a minimum of
HKD 500. The new addition aims to help investors navigate market <a href="https://www.financemagnates.com/terms/v/volatility/">volatility</a> and
complements the existing AIP for U.S. stocks. </p><p>"As
for product innovation, the second quarter saw the significant launch of our
Hong Kong stock AIP (automatic investment plan). This positions Tiger Trade as
one of the few platforms offering the AIP feature in both Hong Kong and U.S.
stocks. By enabling small-amount investors to access high-priced stocks of
premium companies, we have further democratized investment opportunities and
broadened our reach," Tianhua concluded.</p><p>However,
the company faced a minor setback in Q2 when the New Zealand Financial Markets
Authority <a href="https://www.financemagnates.com/forex/new-zealands-fma-orders-tiger-brokers-to-pay-900k-for-amlcft-breaches/" target="_blank" rel="follow">fined them $900,000</a> for violating the Anti-Money Laundering and
Countering Financing of Terrorism (AML/CFT) Act.</p>

This article was written by Damian Chmiel at www.financemagnates.com.