Singapore, 17 February 2022 – Tiger Brokers (Singapore) Pte. Ltd. (“Tiger Brokers Singapore”) today announced a partnership with Wise, the global technology company building the best way to move money around the world, to offer investors cheaper and faster international money transfers to their trading account at Tiger Brokers Singapore.
With the new offering, Singapore investors will now be able to seamlessly transfer funds from their overseas bank accounts to Singapore Dollar (SGD) in real-time and execute trades on Tiger Trade app within minutes. Through the Tiger Trade app, users will be able to get the real exchange rate and see the fees upfront with no hidden costs. Additionally, transfers are fast – 45% of all transfers globally sent on Wise are instant (less than 20 seconds). These features not only help reduce transfer fees but also shorten the time needed to move funds between their bank accounts and trading account at Tiger Brokers Singapore.
Eng Thiam Choon, Chief Executive Officer, Tiger Brokers Singapore, shared, “We are excited to partner with Wise to be the first to offer investors a faster, cheaper and more convenient way to transfer directly to their trading account held with Tiger Brokers Singapore. As we grow, we want to find ways to make it easier and more efficient for investors to trade a wide range of securities across major global markets and currencies on our investment platform. Tiger Brokers has always been focused on creating a superior and seamless trading experience for investors on our online and mobile trading platforms, and our partnership with Wise, a global leader in money movement, is yet another step in this direction.”
Digital investment continues to be on a rise in South East Asia (SEA) and last year alone the region saw an increase in the number of users on investment platforms from 9 million in 2020 to 12 million in 2021. The region is expected to see 25 million users on digital investment platforms by 2025.
Vinay Palathinkal, Regional Head, Wise Platform, said: “At Wise, our mission is to make moving money faster, cheaper and more transparent for everyone, everywhere. As a customer-obsessed company, Wise shares Tiger Brokers’ vision for creating new, frictionless experiences for their customers and we’re thrilled to build this feature with them to enable quick and low-cost transfers with no exchange rate markups to their customers.”
Wise is a global tech company building the best way to move money around the world. Globally, 12 million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month, saving customers over £1 billion a year.