Tiger Brokers see 90% jump in Gen Z account openings
It recognises Singapore as one of the largest contributors to its international market.
Tiger Brokers announced that an estimated increase of 90% was recorded in account openings done by the Gen Zs.
Singapore is also one of the company’s largest contributors. An estimated 60% of the company’s newly funded accounts of 529,000 were from international markets in the second quarter (Q2) of 2021.
The company attributes this rise to the purchasing of stocks, futures, and options by the Gen Zs. These have increased by at least 9-fold year-on-year (YoY), with the preference for stocks and options reaching about 14 times in terms of volume.
Eng Thiam Choon, CEO, Tiger Brokers Singapore, shared his view on the role of Gen Z and their advantages, given their current landscape.
“Generation Z, or the internet generation, can be regarded as one of the most disruptive generations ever. There is a distinct difference in how they invest and what they invest in compared to their millennial or baby boomers’ peers. 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,” Choon said.
The CEO also realized the need for the group to adapt to the needs of this new generation.
“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."
Also included in the report released by Tiger Broker were their financial updates for Q2 2021. Total trading volume rose by 118.2% at $137.04b (US$102) YoY, compared to last year’s $62.87b (US$46.8b). The bank also currently has 1.65 million customer accounts, as of Q2 2021, and is twice the amount in the same period last year.