UP Fintech's market share in Singapore increased to 19% & More News Here

NEW YORK, June 10, 2022 /PRNewswire/ — UP Fintech Holding Limited (the “Company”, a NASDAQ-listed firm underneath the ticker “TIGR”, and all its subsidiaries and consolidated entities), a number one on-line brokerage agency specializing in world traders, immediately reported its unaudited monetary outcomes for the primary quarter ended March 31, 2022. Total income in the primary quarter was US$52.6 million. Non-GAAP internet loss was US$1.9 million.

At the tip of the primary quarter, buyer accounts totaled 1.9 million, and the variety of clients with deposits increased to 703,500, a rise of 87.1% from the identical quarter final yr. The firm’s internet asset influx was US$3.5 billion this quarter.

Mr Wu Tianhua, CEO and founding father of UP Fintech commented, “despite challenges such as macroeconomic uncertainties and market volatility, we remain committed to creating value for our users and believe that our continuous investment in R&D will put us in a solid position to expand globally in the long run. For U.S securities, over 90% of cash equities and 70% of options contracts are self-cleared through our U.S subsidiaries. In our headquarters in Singapore, our flagship mobile trading App, Tiger Trade continued to lead the online brokerage market as the total number of registered accounts in Singapore now represents nearly 19% of Singapore’s population aged between 20 and 70. Meanwhile, we entered the Australian market, which serves as a robust springboard for the company’s further growth. By remaining at the forefront of technologies and related market trends, we look forward to becoming the go-to platform for one-stop global investment for many more global investors.”

Market Share in Singapore Markets reached 19%

In the primary quarter, the corporate continues to deepen its presence in Singapore with native registered accounts rising 15.1% Q-o-Q. The complete variety of registered accounts in Singapore now represents 19% of Singapore’s inhabitants aged between 20 and 70. While persevering with to scale the person base in Singapore, with the variety of common month-to-month energetic customers reaching almost 700,000 in the primary quarter, the corporate maintains a excessive engagement stage.

With robust R&D capabilities, the corporate now self-clears all of its purchasers’ Singaporean equities trades, in addition to changing into one of many seventeen native brokers who internally deal with all the course of from buying and selling and clearing to depository. This additionally permits the corporate to additional enhance order effectivity and increase account sorts to higher serve purchasers in Singapore. In addition, the corporate has turn out to be a go-to buying and selling platform for extra choices traders in Singapore. During the primary quarter, the variety of native choices customers at Tiger Trade increased by 65.8% year-over-year, and the proportion of accounts that maintain choices increased by 18.1% year-over-year.

Retail traders in Singapore are more and more in funds and different wealth administration merchandise. In Q1, the variety of native clients investing in the Fund Mall increased by 453.1% year-over-year, and the AUM of the Fund Mall increased by 579.8% year-over-year. Other than funds in HKD and USD currencies, the corporate has added 513 funds in SGD currencies to additional meet the shoppers’ wants for asset allocation. By the tip of the primary quarter, native customers holding SGD funds had increased, reflecting a 138.9% quarter-over-quarter improve and AUM increased by 56.6% quarter-over-quarter. The variety of Cash Plus customers increased by 39.0% quarter-over-quarter and AUM increased by 36.0% quarter-over-quarter.

While consolidating the main place in Singapore towards a difficult macro surroundings, the corporate formally entered the Australian market in March and has been rising steadily. Within only one month, Tiger Trade has been acknowledged by monetary comparability website Mozo in the 2022 Experts Choice Awards, particularly in the Casual ASX Trader class, which checked out the very best choices for traders making small or rare trades on the Australian Stock Exchange. Tiger Trade additionally soared in reputation because it has shortly moved to the highest 60 of the Apple Store rating in phrases of downloads of finance apps, delivering vital validation of its product competitiveness.

Wealth administration enterprise continues to develop steadily with AUM being doubled

Q1, fee earnings was US$30.5 million, a 2% improve from final quarter. UP Fintech continues to maintain analysis and improvement on the core of the corporate, strengthening product choices and optimizing companies to meet buyer wants. With choices having more and more risen in reputation, the corporate added extra choices options equivalent to a comparability between  implied volatility and historic volatility on particular person inventory pages, most shopping for and promoting energy, in addition to optimizing the simulated buying and selling expertise for choices.

The firm additionally launched the sub-new inventory characteristic, the place clients can uncover firms that have been listed lower than a yr and confirmed their progress potential. A simulation instrument that permits clients to calculate the chances for efficiently subscribing to new shares in a HK IPO was additionally launched this quarter. In addition, on-line subscription for worldwide choices was made accessible on Tiger Trade for HK IPO, serving to excessive internet price clients to simply subscribe with one click on.

At the tip of the primary quarter, the corporate’s Fund Mall enterprise grew steadily. The AUM of the Fund Mall increased by 99.4% year-over-year and Cash Plus, the corporate’s idle money administration product, increased by 44% year-over-year in AUM.

Helping to gas this progress is the corporate’s proactive funding in its R&D efforts. In the primary quarter, the corporate optimized time effectivity for order affirmation for Clash Plus as funds transfer-in and out could be made as quickly as T+0 day. Benefiting from a meticulous choice of funds and shut partnerships with prime world asset administration companies, Fund Mall continues to present clients with high-quality fund merchandise. The common returns for the highest ten funds increased 13.9% in contrast to the final quarter.

Ranked third in the U.S. IPO underwriting by deal depend amongst brokerages

According to the corporate’s Q1 monetary outcomes, different revenues, which embody income from funding banking and ESOP, reached US$5.1 million in Q1. The firm remained steadfast in its dedication to strengthening company companies equivalent to funding financial institution companies and has earned a status as an modern digital funding banking chief in the previous three years. During this quarter, the corporate participated in serval HK IPOs together with Lepu Biopharma and AInnovation. The firm additionally participated in 8 U.S. IPOs and served as an underwriter in 7 of those IPOs. According to third-party information, UP Fintech ranked third in the U.S. IPO underwriting by deal depend amongst brokerages in the primary quarter, reflecting the belief and confidence purchasers have in the corporate’s capability to meet fundraising wants underneath unsure markets.

Leveraging its deep experience in the tech business, the corporate issued a number of analysis stories on matters equivalent to Web3 and Coinbase. The firm has additionally partnered with almost 20 rising firms from totally different industries together with retail, SaaS and biomedicines, serving to them to higher appeal to world traders.

UP Fintech added 25 ESOP (worker inventory possession plan) purchasers in the primary quarter with complete purchasers now gathered to 338. With one-stop companies from plan design and implementation to execution and reporting, Tiger ESOP has turn out to be the go-to ESOP companies supplier for a lot of pre-IPO and listed firms.

In this quarter, corporates equivalent to Alibaba, WWF Singapore and Medlive joined the Tiger Community and opened enterprise accounts. The firm additionally launched an investor QA perform the place world traders can straight ask firms questions on Tiger Trade and anticipate to obtain  a response from them. Leveraging a wide range of modern investor relations & PR companies, the corporate continued to see corporates of all sizes and in all industries adopting the Tiger on-line group as their most well-liked platform to amplify world attain.

Safe Harbor Statement

This announcement incorporates ahead−trying statements. These statements are made underneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These ahead−trying statements could be recognized by terminology equivalent to “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements or expressions. Among different statements, the enterprise outlook and quotations from administration in this announcement, in addition to the Company’s strategic and operational plans, include ahead−trying statements. The Company might also make written or oral ahead−trying statements in its periodic stories to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−Ok, in its annual report to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to third events, together with the earnings convention name. Statements that aren’t historic information, together with statements in regards to the Company’s beliefs and expectations, are ahead−trying statements. Forward−trying statements contain inherent dangers and uncertainties. Quite a lot of elements may trigger precise outcomes to differ materially from these contained in any ahead−trying assertion, together with however not restricted to the next: the cooperation with Interactive Brokers LLC and Xiaomi Corporation and its associates; the Company’s capability to successfully implement its progress methods; developments and competitors in world monetary markets; modifications in the Company’s revenues and sure price or expense accounting insurance policies; the consequences of the worldwide COVID-19 pandemic; and governmental insurance policies and laws affecting the Company’s business and normal financial circumstances in China, Singapore and different international locations. Further info concerning these and different dangers is included in the Company’s filings with the SEC, together with the Company’s annual report on Form 20-F filed with the SEC on April 28, 2022. All info offered in this press launch and in the attachments is as of the date of this press launch, and the Company undertakes no obligation to replace any forward-looking assertion, besides as required underneath relevant legislation. Further info concerning these and different dangers is included in the Company’s filings with the SEC.

SOURCE UP Fintech Holding Limited

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