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UP Fintech: Record-High Quarterly Revenue with Total Client Assets Reaching US$38.2 Billion

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NEW YORK, Aug. 30, 2024 /PRNewswire/ — UP Fintech Holding Limited (“UP Fintech” or the “Company”, NASDAQ: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2024. In the second quarter, the company achieved a total revenue of US$ 87.4 million, reflecting a quarter-over-quarter (QoQ) increase of 10.8% and a year-over-year (YoY) increase of 32.4%, hitting a new record high. Non-GAAP net income attributable to UP Fintech was US$5.2 million. In the second quarter of 2024, the Company added 60,600 new global account holders, a QoQ increase of 17%, bringing the total number of global accounts to 2.3 million. 48,900 new funded accounts were added, bringing the total number of funded accounts at the end of the second quarter to 982,300, a YoY increase of 17%. Additionally, market trading activity continued to increase in the second quarter, with the Company’s total trading volume growing 62.5% YoY to US$105.9 billion. Net asset inflow remained robust, reaching US$7 billion for the first half of the year, which drove total account balance up by 16.2% QoQ and 121.1% YoY to an all-time high of US$38.2 billion.

UP Fintech’s founder and CEO, Wu Tianhua, stated, “In the second quarter, the company’s business grew significantly as the market environment became more active, with revenue reaching a record high. As of early August, the number of funded clients worldwide has exceeded 1 million, and total client assets have continued to reach new highs for the past three consecutive quarters, fully demonstrating the long-term growth potential of Tiger Brokers.”

“Tiger Brokers is always committed to a ‘Customer First’ approach and has continued to develop local products in markets such as Singapore and Hong Kong to meet the diverse needs of investors. Following the launch of Singapore’s first debit card with fractional share rewards and the Cash Boost trading account in the first quarter, we have received widespread market acclaim, significantly boosting local trading volume and activity. In Hong Kong, after pioneering the offering of virtual asset trading services to professional investors, we have now fully extended this service to retail investors as well. In early August, we launched a ‘Double Free’ promotion, exempting commissions and platform fees, while supporting real-time USD settlement for virtual asset transactions. This provides users with a truly secure, convenient, and cost-effective one-stop global trading service, leading the way in the Hong Kong tech brokerage experience.”

Singapore maintains a leading position with popular local products

Client assets doubled QoQ in Hong Kong in Q2

Singapore’s leading position continues to strengthen, with a 112% QoQ increase in newly funded clients in Q2, a 50% YoY increase in the number of transactions, and a 548% QoQ increase in net asset inflow. US stock options trading also remained active, with the number of transactions increasing by 79% YoY.  In addition, Tiger Brokers is also deepening its focus on local products and services. Following the launch of Singapore’s first fractional share debit card, the “BOSS Debit Card,” in partnership with a local licensed institution* last quarter, we’ve continued to meet the demand for convenient payment solutions, earning positive feedback from the market. In Q2, BOSS Card usage surged, with transaction volumes and user numbers up 258% and 42% quarter-on-quarter, respectively. The card is particularly popular among investors under 35, who account for nearly 60% of new users. Meanwhile, the “Cash Boost” trading account, tailored for experienced traders, has made Tiger Brokers the first tech brokerage in Singapore to support the Contra trading strategy. This account allows clients to obtain trading leverage without depositing funds and has attracted a large number of active users since its launch in April. Recently, Cash Boost trading accounts have also achieved a direct connection with CDP (Central Depository Account). Users can sell securities purchased from other brokers and held in CDP through Tiger Brokers, enjoying greater trading convenience.

For the Hong Kong market, the number of new accounts in Q2 doubled QoQ, while client assets grew by 119% QoQ. The average net asset inflow for new funded clients reached US$15,000, maintaining a high-quality client base. Following the pioneering launch of virtual asset trading services to professional investors in Hong Kong in May, Tiger Brokers has fully expanded these services to retail investors. Recently, Tiger launched a “Double Free” promotion for virtual asset trading, which waives commissions and platform fees, and supports real-time USD settlement for virtual asset transactions, with 7-day, 24-hour trading. Currently, all investors in Hong Kong can trade up to 18 virtual assets**, including Bitcoin (BTC) and Ethereum (ETH), as well as a wide range of global assets such as stocks, options, futures, US Treasuries, and funds through the one-stop Tiger Trade platform, enabling seamless allocation and management of virtual and traditional financial assets. In addition, “Tiger Vault”, the cash management tool, has sustained its popularity, with subscriptions to HKD and USD money market funds increasing by 100% and 50% QoQ respectively in Q2. Trading of both US stocks and options remained robust, with the number of transactions increasing by 62% and 31% QoQ respectively.

Tiger Brokers continues to refine its localized services in Australia, steadily building user trust. As one of the few tech brokers in Australia that support US options trading, Tiger launched Level 2 US options trading in Q2, with US options trading volume increasing by 146% QoQ. At the same time, user trading became more active, with the weekly average of Daily Average Revenue Trades (DARTs) increasing by 17% QoQ. Gross income from trading commissions across all products increased by 47% QoQ. Further solidifying its industry recognition, Tiger Trade Australia was recently awarded ” Best Mobile App” in Finder’s Share Trading Platform Awards 2024. In New Zealand, Tiger continues to attract more high-quality clients. In Q2, client assets grew significantly, with total deposits increasing by 124% YoY and average first-time deposits increasing by 188% YoY. Trading activity was robust, with the number of trading accounts increasing by 133% YoY in Q2. US stock trading performed exceptionally well, with US stock orders increasing by 137% YoY and US options orders increasing by 97% YoY in Q2. Furthermore, Tiger launched its “Tiger Vault” cash management service in New Zealand, further assisting local investors in managing their assets conveniently and efficiently.

Options trading features upgraded comprehensively: Singapore launched “Strike & Save” tool

Tiger Vault surges in Singapore: One out of every three new funded clients activated this feature

In Q2, commission income reached US$34.1 million, a QoQ increase of 22.7%; interest-related income reached US$47.1 million, a 19.9% YoY increase. The Company continues to enhance the one-stop global investment experience on Tiger Trade. In terms of products, options trading features have been further upgraded, with Singapore taking the lead in launching “Strike & Save”, a powerful tool for US options sellers. This one-stop service for opening options positions offers more in-depth analysis and more efficient order placement. US options trading now includes stop-loss and trailing stop-loss orders, helping investors better cope with changes in the options market. US and Hong Kong stock options now feature forward P/E ratio analysis, covering nearly a decade of data, to assist with options pricing. By continuously strengthening options trading features, the daily average number of options trades (DARTs) increased by 13% QoQ in Q2. To address investors’ focus on individual stocks, Tiger has introduced a customizable daily research digest, which delivers curated essential information in the morning and evening***, providing users with a more personalized and convenient experience. The trading feed feature continues to be favored by users, with a 150% QoQ increase in subscribers and a 170% QoQ increase in average daily guided trade orders. Previously, 24-hour trading for US stocks was fully launched, and currently supports up to 9,500 US stocks and ETFs, allowing trading at any time, 24/5, providing more convenience for investors trading US stocks across time zones.

Launched in Q2 of last year, TigerGPT, the first AI investment assistant in the brokerage industry to integrate ChatGPT technology and the latest financial data, has continued to accumulate users. With its powerful big data processing capabilities, TigerGPT can quickly analyze and summarize complex market dynamics and financial reports, helping investors gain a deeper understanding of market conditions and greatly improve their investment decision-making efficiency. Currently, TigerGPT has reached 80,000 users worldwide, with over 520,000 cumulative user conversations and an average of over 10,000 conversations per week.

On the wealth management side, the number of wealth management services users increased by 150% YoY, further increasing the platform penetration. The Company’s cash management service, “Tiger Vault”, further enhanced its redemption efficiency and continued its strong performance. One out of every three new funded accounts activated “Tiger Vault” in the second quarter. The average 7-day annualized yields of USD, HKD, and SGD money market funds exceeded 5.2%, 4.2% and 3.6% respectively in Q2, consistently outperforming the market average.

In Singapore, “Tiger Vault” launched T+0 same-day settlement, which helped accelerate market trading efficiency. The Tiger Fund Management (TFM) continued to gain trust from high-net-worth clients, with its Tiger-Yuanta USD Liquidity Fund achieving a 7-day annualized pre-fee yield of 5.4% in Q2, and its Discretionary Portfolio Management (DPM) business achieving 40% growth.

Since the Company launched the TradingFront Turnkey Asset Management Platform (TAMP) in September 2023, it has acquired a strong reputation among institutional clients for its advanced trading capabilities, efficient online processes, and diverse investment options. In Q2, the “Tiger Vault” business on TradingFront saw significant growth, with Assets Under Custody (AUC) surging by 26.5% QoQ. In Singapore, TradingFront partnered with Manulife to provide flexible Variable Universal Life (VUL) insurance custody services to accredited investors. TradingFront has also introduced Fixed Coupon Notes (FCNs) and now offers quotes from 11 issuers to enrich investment options.

Strong presence in the US IPO market: 13 successful projects as lead underwriter

Employee Stock Ownership Plan (ESOP) SaaS revenue doubled YoY

In Q2, UP Fintech’s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), reached US$6.3 million. The Company continues to solidify its position as a leading underwriter in the US IPO market. In Q2, the Company acted as the lead underwriter on two US IPOs and served as the Zeekr IPO’s distributor. As of end of Q2, the Company successfully completed 13 US IPO projects (including SPACs) as lead underwriter. Also, the Company ranked fourth among the underwriters for Hong Kong IPOs, underwriting IPOs for ten companies including Laopu Gold, Dida, Mobvoi and ChaPanda.

On the ESOP front, the Company’s UponeShare service added 22 new enterprise clients this quarter, bringing the total number of serviced enterprise clients to 579. Meanwhile, the company’s ESOP SaaS revenue surged by 149.5% YoY and 27.9% QoQ.

This quarter, Tiger Enterprise Account added 14 companies such as Sino Biopharmaceutical, Dida, and Fosun International, bringing the total number of clients to 442. Tiger Enterprise Account currently offers a full life-cycle of investor relations (IR) and public relations (PR) services tailored to the diverse communication needs of businesses across various industries. These services include live earnings calls, key rankings, offline research, earnings report communication and Investor Q&A, aiming to help companies reach investors and institutional audiences more effectively and precisely.

* Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.

**Certain virtual assets transactions are only available for professional investors.

***Available in Select Markets

View original content:https://www.prnewswire.com/news-releases/up-fintech-record-high-quarterly-revenue-with-total-client-assets-reaching-us38-2-billion-302234853.html

SOURCE UP Fintech Holding Limited

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DKSH Healthcare and Euris Unveil CRM & MCE Platform “ConnectPlus” to Revolutionize APAC Healthcare Distribution

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DKSH Healthcare and Euris have launched “ConnectPlus”, a complete Customer Relationship Management (CRM) and Multi-Channel Engagement (MCE) platform set to transform healthcare distribution across APAC. This data-driven, agile solution enhances efficiency by providing a comprehensive view of healthcare professionals and optimizing omnichannel engagement strategies. From January 2025, ConnectPlus will strengthen DKSH Healthcare’s commitment to commercial excellence by boosting engagement with clients, customers, and patients across the healthcare ecosystem in Thailand.

SINGAPORE, Nov. 13, 2024 /PRNewswire/ — DKSH Healthcare Business Unit, in partnership with Euris, is introducing ConnectPlus, a data-driven Customer Relationship Management (CRM) and Multi-Channel Engagement (MCE) platform aimed at transforming healthcare distribution across the Asia Pacific region. Designed to enhance productivity and operational efficiency, this platform provides a 360° view of healthcare professionals, streamlines MCE, and strengthens DKSH Healthcare’s ability to tailor interactions and marketing strategies. The roll-out will start in Thailand in January 2025. With this new platform DKSH Healthcare reinforces its dedication to commercial excellence by enlarging possibilities and improving interactions with clients, customers, and patients.

Bijay Singh, Head of Business Unit Healthcare at DKSH, emphasized the transformative potential of ConnectPlus, “With ConnectPlus, we are not just improving our operations, we are setting a new benchmark for healthcare distribution across Asia Pacific. By integrating technology with our deep market expertise, DKSH Healthcare is enhancing its role as a strategic healthcare partner. This platform will not only empower our teams to engage more effectively with healthcare professionals but will ultimately contribute to better health outcomes by improving patients’ access to quality care. ConnectPlus represents a pivotal step in our journey toward data-driven excellence and reinforces our commitment to leading with agility in an evolving healthcare landscape.”

The introduction of ConnectPlus underscores DKSH Healthcare’s commitment to harnessing digital solutions that orchestrate and maximize impact of both client and patient interactions, while upholding a high standard of operational excellence. ConnectPlus empowers DKSH to tap into the vast potential provided by the global healthcare big data market[1] by delivering precise, targeted engagement strategies that cater to the unique needs of healthcare professionals, clients, and patients across the region.

Furthermore, ConnectPlus is strategically designed to leverage the existing preference of face-to-face sales visits[2], by orchestrating personalized digital touchpoints, based on data driven insights, to prepare and enhance in-person interactions. The platform’s ability to blend in-person and digital strategies is essential for maximizing outreach and driving meaningful engagement[3].

By integrating advanced AI and analytics, ConnectPlus not only streamlines communication and marketing efforts but also personalizes interactions based on real-time data, ensuring relevance and impact. This marks a crucial milestone in DKSH Healthcare’s journey towards fully integrating digital innovation into its operations, reinforcing its leadership in driving agility and efficiency within the rapidly evolving healthcare landscape.

Delphine Poulat, CEO at Euris, remarked, “As the partner of choice for healthcare stakeholders globally, we are thrilled to collaborate with DKSH Healthcare, who have chosen Euris SmartReps Suite, as the CRM & MCE platform for ConnectPlus. In today’s healthcare environment, personalized, data-driven interactions are critical. ConnectPlus is designed to provide DKSH Healthcare with the insights needed to understand their customers better, foster stronger face-to-face interactions, and ultimately drive sales growth. Our flexible, closed-loop marketing approach leverages data to deliver tailored content and deepen customer relationships, all while ensuring agility in meeting local market needs. We are proud to support DKSH Healthcare by offering a complete SaaS CRM & MCE platform putting the healthcare professional knowledge and experience at the center of the strategy.”

[1] Source: Patient engagement technology market to rise by $37.4b through 2028, https://healthcareasiamagazine.com/healthcare/news/patient-engagement-technology-market-rise-374b-through-2028 

[2] Source: Overcoming HCP Engagement Fatigue with Data-Driven Insights, https://www.pharmexec.com/view/overcoming-hcp-engagement-fatigue-with-data-driven-insights 

[3] Source: Did Pharma Overshoot Digital Sales Rep Calls? Study Charts Decline in Effectiveness, https://www.fiercepharma.com/marketing/did-pharma-overshoot-digital-sales-rep-calls-study-charts-decline-effectiveness#:~:text=Last%20month,%2044%%20of

About DKSH  

DKSH’s purpose is to enrich people’s lives. For almost 160 years, DKSH has been delivering growth for companies in Asia and beyond across its Business Units Healthcare, Consumer Goods, Performance Materials, and Technology. As a leading Market Expansion Services provider, DKSH offers sourcing, market insights, marketing and sales, eCommerce, distribution and logistics as well as after-sales services. DKSH is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. Listed on the SIX Swiss Exchange, DKSH operates in 36 markets with 29,040 specialists, generating net sales of CHF 11.1 billion in 2023. As a strategic healthcare business partner, DKSH Business Unit Healthcare distributes pharmaceuticals, consumer health, and over-the-counter products as well as medical devices. With around 8,140 specialists, the Healthcare Business Unit generated net sales of CHF 5.6 billion in 2023. www.dksh.com/hec

About Euris

Euris is an IT group specialized in healthcare and pharmaceutical industry operating in over 50 countries. Euris delivers a comprehensive IT value chain through 2 business units: Healthcare SaaS CRM edition & Integration and Health Data Hosting. Euris’ Suite of Commercial and Marketing excellence modules, named SmartReps®, is recognized among the best-in-class solutions in the Gartner Market Guide for CRM in Pharmaceuticals and Biotechnology. www.euris.com

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SOURCE DKSH

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Cisco and LTIMindtree Expand Partnership to Deliver Next-Generation Secure Access Globally

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News Summary:

LTIMindtree will leverage Cisco Secure Access as its new security service edge (SSE) solution to protect its 80,000 hybrid workers with secure internet access, advanced zero trust network access and embedded AI.Extending its networking partnership with Cisco, LTIMindtree now offers next-generation SSE to its global clients via Cisco Secure Access.Clients can work jointly with both companies to adopt a broad set of cloud security functions in a single, easy-to-use dashboard with Cisco Secure Access.

MELBOURNE, Australia, Nov. 12, 2024 /PRNewswire/ — CISCO LIVE — Cisco (NASDAQ: CSCO), the leader in enterprise networking and security, announced that LTIMindtree is now leveraging Cisco Secure Access as its security service edge (SSE) solution to enable secure hybrid work experiences for its employees and customers worldwide.

“With Cisco’s zero trust approach and embedded AI, it was an easy decision to replace our long-standing SSE solution with Cisco Secure Access,” said Nachiket Deshpande, Chief Operating Officer & Whole-time Director, LTIMindtree. “We were able to quickly deploy the solution, and it now protects our hybrid workforce while delivering a better user experience and simplified IT management.”

Cisco and LTIMindtree have also extended their partnership to deliver integrated Secure Access Service Edge (SASE) solutions based on Cisco technology to LTIMindtree’s global client base. LTIMindtree’s expertise in tailoring solutions to the specific vertical requirements is the perfect complement to Cisco’s technology, including Cisco Secure Access and SD-WAN, delivering seamless and secure connected experiences for both remote and in-office workers.

“Great workplaces require great security. With AI-powered threats rising, we are combating sophisticated attackers across a more expansive landscape. Our customers need their security to operate in the background, at machine scale to make the experience seamless and secure for hybrid workers,” said Jeetu Patel, Executive Vice President and Chief Product Officer, Cisco. “LTIMindtree’s rapid deployment of Secure Access is a great testament to Cisco’s platform strategy and differentiation. Together with our partners, we are changing what user protection means for a modern workplace.”

With Cisco Secure Access, decisions about how users connect to applications are handled behind the scenes via a unified agent, so users get to what they want more quickly. With low-latency connections and transparent identity-based authentication, users are more secure with less hassle. For IT organizations, Cisco Secure Access provides an easy pathway to zero trust and zero trust network access (ZTNA), while also simplifying operations with a unified console and AI-guidance. Secure Access is part of the Cisco Security Cloud, its unified, AI-driven, cross-domain security platform.

To learn more, visit cisco.com/go/security.

Additional Resources:

Introducing Cisco Secure Access

About Cisco
Cisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco.

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

About LTIMindtree
LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — solves the most complex business challenges and delivers transformation at scale. For more information, please visit https://www.ltimindtree.com/.

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SOURCE Cisco Systems, Inc.

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PixArt Imaging Unveils the “Magic Sensor”, PAC9001 Smart Pixel Optical Sensing Device: A Revolution in AI-Driven Sensor Technology

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HSINCHU, Nov. 12, 2024 /PRNewswire/ — As the demand for intelligent automation grows alongside AI and IoT, PixArt Imaging proudly introduces its latest innovation, the “magic sensor,” PAC9001 Smart Pixel Optical Sensing Device. Designed to revolutionize object presence detection across industries, the PAC9001 combines exceptional real-time performance and high efficiency in a compact, privacy-focused sensor.

The PAC9001 uses advanced AI-powered pixel processing to analyze visual information directly at the pixel level, a breakthrough that reduces data transmission needs and minimizes power consumption. This “smart” processing capability enables the PAC9001 to support rapid, high-accuracy applications in sectors such as retail, logistics, manufacturing, smart home, and PC peripherals. With its high sensitivity, the PAC9001 functions seamlessly even when concealed, providing essential insights without capturing identifiable images. This ensures enhanced privacy, making it ideal for settings like crowd control and security.

PixArt’s industry-leading expertise in imaging and sensor technology allows the PAC9001 to achieve low latency and energy efficiency while fitting effortlessly into devices, thanks to its compact module form of just W3.79 x L3.63 x H1.67 mm³. Its ability to detect and respond to object motion makes it invaluable in real-world applications, especially for edge devices requiring timely, precise sensing.

PixArt Imaging’s CEO, Sen Huang, commented, “Our vision is to enable smarter, more adaptive devices that transform the way we interact with technology. The PAC9001 represents our commitment to pioneering the next generation of sensor technology, combining the best of AI and pixel-level processing to deliver powerful, actionable insights. We’re thrilled to introduce this product to a world where privacy, efficiency, and real-time responsiveness have never been more important. Like a ‘magical’ presence working behind the scenes, the PAC9001 not only enables front-facing applications but also powers big data, enabling smart systems to collect valuable insights for user behavior predictions.

The PAC9001 also features PixArt’s proprietary Smart Motion Detection (SMD) and Pixel Difference Mode (PDM), enabling it to adapt to environmental changes and deliver high-precision data in varying lighting conditions, from bright daylight to darkness, at distances up to 5 meters. This advanced sensing capability ensures minimal false alarms compared to traditional PIR systems, making the PAC9001 a versatile and scalable solution for a wide range of industries and applications.

Combining advanced sensing, processing, and energy-saving technologies, the PAC9001 stands out as a game-changer for those seeking efficient, integrated solutions for next-generation smart devices.

For more information, visit PixArt Imaging

About PixArt Imaging Inc.

Founded in July 1998 and headquartered in Hsinchu, Taiwan, operates offices in the USA, Denmark, Malaysia, Japan, Korea, and China, providing services in IC design, R&D, manufacturing and sales. Specializing in sensing and navigation IC design, we focus on CMOS imaging, capacitive touch, MEMS sensing technologies to put into ASIC for human-machine interfaces and machine vision. Leveraging on our expertise in sensing and system design technologies, PixArt is strategically broadening our product lineup across diverse application markets. Our focus is on delivering top-tier image quality, optimizing for ultra-low power usage, compact designs, and seamless system-on-a-chip (SoC) integration; allowing us to drive innovation and meet evolving market demands in a versatile, energy-efficient, and highly integrated structure, positioning us to make impactful strides across varied technology sectors.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pixart-imaging-unveils-the-magic-sensor-pac9001-smart-pixel-optical-sensing-device-a-revolution-in-ai-driven-sensor-technology-302301941.html

SOURCE PixArt Imaging Inc.

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