Tiger Brokers Goes Big with New Fund Management Venture in Singapore

<p>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.</p><p>A Strategic Milestone for
Tiger Brokers</p><p>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.</p><p>"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.</p><p>The company
has strategically partnered with Yuanta Securities (Hong Kong) to broaden its
service offerings. Through this <a href="https://www.financemagnates.com/terms/m/memorandum-of-understanding-mou/">memorandum of understanding (MOU</a>), 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.</p><p>Tiger Fund Management Plans
and New CEO</p><p>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.</p><p>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.</p><p>"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.</p><p>Before
joining TFM, Jeremy Tan gained considerable experience in asset management,
previously working at United Overseas Bank and other financial institutions. He
plans to <a href="https://www.financemagnates.com/terms/l/leverage/">leverage</a> this expertise to enhance TFM's fund management capabilities
and to meet the financial needs of both individual and institutional clients.</p><p>Tiger Brokers Bets on AI,
Reports Two-Year High in Profit</p><p>After <a href="https://www.financemagnates.com/forex/tiger-brokers-launches-industrys-first-ai-investment-assistant-tigergpt/" target="_blank" rel="follow">a three-month trial</a> 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.</p><p>Exclusive data obtained by <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> from the testing phase
revealed that <a href="https://www.financemagnates.com/forex/exclusive-11000-traders-achieve-81-accuracy-with-the-industrys-first-ai-bot-tigergpt/" target="_blank" rel="follow">81% of clients found the chatbot's answers accurate and
satisfying</a>. Meanwhile, UP Fintech Holding Limited, the parent company of Tiger
Brokers, reported its second-quarter financials, possibly impacted by the
TigerGPT launch in April.</p><p>UP Fintech's revenue for the second quarter <a href="https://www.financemagnates.com/forex/tiger-brokers-parent-hits-651b-trading-volume-in-q2-two-year-high-in-profit/" target="_blank" rel="follow">touched $66.1 million</a>, 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.</p>

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