Tiger Brokers (Singapore), an online brokerage backed by consumer electronics and smart manufacturing company Xiaomi, has announced that its average first-timer deposits from users in Singapore have increased to around $5,000 or above since October.

This is compared to its initial deposit of $4,000 logged in the 2QFY2021 and 3QFY2021 ended June and September respectively.

It adds that it has surpassed its 350,000 guidance for new funded accounts at 353,300 newly-funded accounts in the 3QFY2021.

In the 3QFY2021, Tiger Brokers (Singapore)’s parent company, NASDAQ-listed UP Fintech Holding Limited recorded a 59.6% y-o-y growth in revenue of US$60.8 million ($83.1 million).

Tiger Brokers also more than doubled the total of customer accounts at 1.77 million accounts in the 3QFY2021, from the 612,000 accounts in the same period the year before.

In the same statement, Tiger Brokers (Singapore) says it has been established as the dual headquarters to complement the current headquarters in Beijing.

The Singapore office will also be the company’s new principal executive office.

“The decision is intended to promote the company’s current strategic global expansion plans and streamline the operational efficiency of the company; the decision is also supported by the fact that Singaporean clients already account for a substantial and growing proportion of the company’s total client base,” reads the statement.

Eng Thiam Choon, CEO of Tiger Brokers (Singapore) says, “Our strong growth and credibility in Singapore has placed us in a great position for internalisation as more and more people are evidently choosing to include trading and investments as part of their wealth growth plan.”

“We will continue to work towards building a seamless trading experience for investors on our online and mobile trading platform, Tiger Trade, while keeping them engaged through the variety of financial products available that are relevant and meaningful to them and their lifestyle.”