Technology

UP Fintech: Revenue Hits Three-Year High, Net Profit up 42% YoY, Client Assets Reach Record US$32.9 Billion

Published

7 months ago

June 5, 2024

HONG KONG and SINGAPORE and NEW YORK, June 5, 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 first quarter ended March 31, 2024. In the first quarter, the company achieved a total revenue of US$78.9 million, marking a 19% year-over-year (YoY) increase and achieving a nearly three-year high. Non-GAAP net income attributable to UP Fintech was US$14.7 million, 12.9 times increase quarter-over-quarter (QoQ) and a YoY surge of 42.4%.

In the first quarter of 2024, the Company added 51,700 new global account holders, an increase of 8.1% quarter-over-quarter, bringing the total number of global accounts to 2.25 million. 28,800 newly funded accounts were added, driving the total number of funded accounts to 933,400, a YoY increase of 15%. As of the end of May, the number of newly funded clients in the second quarter has already exceeded the first quarter’s increase. Additionally, market trading activity increased in the first quarter, with the Company’s total trading volume growing 27.4% YoY to US$85.4 billion. Net asset inflow remained strong, reaching US$5.3 billion for the quarter, which pushed total client assets up by 7.4% QoQ and 103.8% YoY to an all-time high of US$32.9 billion. Over 75% of total client assets now come from clients in markets such as Singapore, Australia, New Zealand, and the US.

UP Fintech’s founder and CEO, Wu Tianhua, stated, “This quarter, we have continued to deepen our presence in markets such as Singapore and Hong Kong. In Singapore, we launched the first local debit card that rewards users with fractional shares from their purchases, aiming to help novice investors participate in the financial markets and increase their investment awareness. We also introduced the Cash Boost trading account, becoming the first tech broker in Singapore to support contra trading strategies. Eligible clients will be able to trade US, Singapore, and Hong Kong stocks and ETFs without pre-depositing funds, thus improving capital efficiency. In Hong Kong, we have pioneered virtual asset trading services for professional investors, allowing them to trade stocks, ETFs, options, futures, funds, and virtual assets all within one app, facilitating global asset allocation. We are applying to extend this service to retail investors, leading the way in enhancing the tech brokerage experience in Hong Kong.”

Launched SG’s first debit card that rewards fractional shares
HK: record US$18,000 net asset inflow per newly funded client

At its headquarters in Singapore, the Company was the first among tech brokers to reach the milestone of one million users. The company continues to deepen its product and service offerings, driving quarter-over-quarter growth in client assets for five consecutive quarters. Client quality remains high, with the average net asset inflow per new funded client in Q1 staying at US$14,000.

At the end of February, the Company launched the “Tiger BOSS Debit Card” in partnership*, the first debit card in Singapore that offers instant rewards in the form of cashback in fractional shares of popular stocks with every daily spend. Supporting customers with an entirely online application process and fast card issuance, the BOSS Card also provides competitive foreign exchange rates and can seamlessly integrate with all major Visa-supported e-wallets for contactless payments, catering to users’ demand for hassle-free payment solutions. For novice investors grappling with limited capital, the prospect of investing in renowned company stocks often appears daunting. However, through the incentivization of fractional shares, the Tiger BOSS Debit Card opens doors for all investors to participate in the investment landscape, nurturing greater awareness and confidence in financial markets.

For the more seasoned traders in the local market, the Company has also launched the Cash Boost Account tailored for the Singapore market after undergoing internal testing in the first quarter. This account marks the Company as the first fintech broker in the market to provide contra facilities. Through the Cash Boost Account, investors gain access to trading limits and can execute trades without requiring any initial capital. This capability empowers them to seize investment opportunities promptly and enhance capital utilization efficiency.

In Hong Kong, the Company has attracted more high-quality clients through its cost-effective global trading services. During the period, the client asset was up 40% quarter over quarter, with the average net asset inflow of local newly funded clients reaching a record high of US$18,000. As a designated securities broker for the Retail Bond issued by the Airport Authority Hong Kong, the Company introduces the “13 waiver” promotion, which waived charges including subscription fees, allocation fees, and margin interest. This initiative provides Hong Kong clients with accessible subscription opportunities, receiving positive feedback.

Following the upgrade of the Type 1 License by the Hong Kong Securities and Futures Commission (SFC) to include virtual asset trading service for professional investors in January, the Company has become one of the pioneering brokers in Hong Kong to support trading of virtual assets alongside traditional financial assets such as Hong Kong and US stocks, options, futures, ETFs, all within a single app. The Company is applying to expand the virtual asset dealing service to retail investors, subject to the authority’s approval.

Additionally, Tiger has obtained a Type 9 license from the SFC, authorizing the Company to provide asset management service, including discretionary accounts service to both retail clients and professional investors and asset management service to collective investment schemes offered to professional investors only.

With the bolstering of brand influence, the Company has garnered increased trust from investors in Australia, witnessing a 20.5% uptick in trading accounts in Q1 compared to the previous quarter, and the net inflow of clients was nearly triple that of the previous quarter. As one of the few local tech brokers supporting US stock options trading, the number of orders for US stock options trading surged by 35.1% during the period QoQ. The company collaborated with local financial media technology firm Grafa to integrate AI-driven data, news, and analysis into Tiger Trade, offering investors more precise market insights. Moreover, by co-hosting recruitment fairs, seminars, and other events with the University of Western Australia, the Company further solidifies its commitment to localized development, supporting the long-term growth of local financial technology talents and industries.

In New Zealand, the Company saw an impressive growth, with a QoQ increase of 77% in newly funded clients and 87.9% increase in new trading clients in the first quarter. The Company has also been prioritizing investor education, spreading financial knowledge through various mediums such as graphics, videos, and more.

24-Hour US stock trading launched: 500+ stocks and ETFs available
Tiger Vault surges in HK: user base doubled

In the first quarter, commission income reached US$27.8 million and interest-related income climbed to US$46.7 million, marking a QoQ increase of approximately 8.2%.

The Company continues to enhance the one-stop global investment experience at Tiger Trade, including adding cryptocurrency market data, US and HK virtual asset spot ETF trading**. 24-hour US stock trading is now available to users, expected to support 500+ stocks and ETFs, eliminating time zone constraints. Options trading has been upgraded, introducing US options early exercise and do-not-exercise feature, which enhance strategy flexibility. With comprehensive options data and new features such as multi-leg orders and options rolling, client US stock options trading saw a 36.2% increase in average weekly orders and doubled transaction amounts compared to the previous quarter. More users are engaging with Trading Feed, a feature facilitating investing inspiration, with a 205.7% QoQ increase in subscribers and an 80.4% increase in daily trading feed posts. The system now intelligently suggests relevant sharers based on user preferences, ensuring personalized and convenient content discovery.

In the first quarter, both AUM and the number of users of the Company’s wealth management services doubled YoY. The Company’s cash management service, “Tiger Vault,” saw increased popularity, particularly in Hong Kong, with a 92.5% rise in number of users QoQ. The Company launched a US Treasury section in the app, offering a selection of the highest-yield US Treasuries and ETFs based on maturity, enabling flexible investment choices. Compared to last quarter, the number of clients trading US Treasuries has nearly doubled, and AUM has increased more than sixfold. In Singapore, the Company introduced structured notes products such as Fixed Coupon Notes, supported by well-known financial institutions, offering various options for tailored investment strategies with instant quotes. Tiger Wealth has also been upgraded to a primary tab in the Tiger Trade app, providing easy access to money market funds, fund rankings, ETFs, US Treasuries, and notes, making asset allocation more convenient for users.

Ranked third among HK IPO underwriters
UponeShare SaaS revenue doubled YoY

During the reporting period, UP Fintech’s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.5 million.

In terms of investment banking, the Company ranked third among the bookrunners for Hong Kong IPOs during the period, underwriting IPOs for four companies including Changjiu Holdings Limited, Concord Healthcare, and QYUNS-B. Additionally, leveraging its outstanding transaction execution capabilities, it facilitated three block trades and three share repurchase transactions for several Hong Kong and US-listed companies.

On the ESOP front, the Company’s brand UponeShare added 22 new clients this quarter, bringing the total number of serviced enterprise clients to 557. The average consulting fee for equity incentive plans increased by 33.6% year-over-year, highlighting the service value and market competitiveness. Additionally, due to high client renewal rates and increased SaaS annual fees, the company’s SaaS revenue surged by 159.9% YoY and 42.3% QoQ.

This quarter, Tiger Enterprise Account welcomed companies such as Fourth Paradigm and Guotai Junan International, bringing the total number of clients to 428. The “2023 Tiger Enterprise Account Annual List” was released, recognizing 40 companies across categories like “Most Popular” and “Communication Innovation.” Through these initiatives, the Company facilitates communication between leading enterprises and global investors, fueling industry growth.

*Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner which is regulated as a Major Payment Institution by The Monetary Authority of Singapore (MAS) to provide card issuance and account issuing services. License: PS20200413.

**Available in certain markets

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SOURCE UP Fintech Holding Limited

Technology

MEMS Drive: Paving the Way for Super-High Image Resolution

Published

47 minutes ago

December 27, 2024

TAIPEI, Dec. 26, 2024 /PRNewswire/ — Fabless chip firm MEMS Drive Hong Kong Ltd manufactures cutting-edge MEMS actuators targeted at mobile imaging in portable electronics. The company uses its proprietary MEMS design and process to allow CMOS sensors to achieve swift and precise ‘SensorShift’ and is the first semiconductor company to implement 5-axis stabilization in mobile cameras.

“With edge computing capabilities steadily advancing, MEMS Drive utilizes precise movement matching algorithms and artificial intelligence [AI] to derive multiple image-enhancing features besides just stabilization, such as super-resolution and improving identification capabilities,” says Colin Kwan, CEO and President of MEMS Drive during an interview with EE Times Asia. “MEMS SensorShift-driven image sensors overturn traditional voice coil motors [VCMs], and could be applied to mobile phones, sports cameras, wearable tech, surveillance, autonomous vehicles, robotic vision and other products, bringing unlimited possibilities to the future of imaging systems.”

It is for these reasons that the company won an Innovation Award and Best Sensor of the Year award for its piezo technology-enabled autofocus actuator and optical image stabilizer (OIS) actuator at EE Awards Asia 2024. Now in its fourth year, EE Awards Asia honors some of the best products, companies, and leaders making a difference every day in Asia’s electronics industry.

The MEMS autofocus (AF) actuator is a piezoelectric multi-morphic thin film actuator that can move at Z-axis and tip-tilt directions to achieve a 3-axis compensation. The MEMS devices are designed to be based on standard silicon fabrication processes, thereby enabling good scalability and ease of handling, testing, and packaging.

According to Colin, this sensor-based technology offers multiple advantages. “It provides 3-axis image adjustments as compared to 1-axis counterparts on lens-based AF systems; it also moves three times faster and 10 times more precise by detecting positions of less than a pixel, compared to 3-5µm on lens-based AF,” he explains. “And finally, by not using a motor to move the lens around, it consumes up to 50 times less power and avoids heating problems that could affect the image’s quality.”

Meanwhile, its OIS, known as SensorShift, is said to be the world’s smallest MEMS OIS actuator. It provides a 5-axis OIS solution to improve clarity and achieve stable and precise image.

“All vibrations in pitch, yaw, roll, translational X, and translational Y can be compensated with a single MEMS chip,” says Colin. “Due to its high precision and fast response in active movement, we can achieve another application called super resolution. By shifting the imager 1 pixel or half a pixel in different directions, capturing the image at each position, and then merging and processing those images, we can get a 4X or even higher-resolution image.”

Colin notes that compared to traditional lens-based OIS, MEMS Drive’s MEMS OIS is a sensor shift solution that provides superior stabilization performance with multiple advantages, including a 10ms fast response, just 4mW of power consumption, sub-pixel precision, and high image resolution in low light and video without blur.

“Powered by our patented electrical conductive flexure [ECF] technology, the MEMS Drive actuator provides consistent, durable performance,” says Colin. “With over 2.5 billion test cycles completed in continuous operation, these innovations are crucial for ensuring the highest standards in automotive applications and safety.”

MEMS Drive’s technology is suitable for smartphones, automotive, wearable technologies such as AR/VR camera systems, sports cameras, smart city applications, and robotic vision.

In this video interview, Colin also talks about his outlook for the semiconductor and electronics manufacturing industry over the next year, upcoming challenges amid the increasingly complex designs and architectures, and the new opportunities in the market.

For more information about MEMS Drive Hong Kong Limited and its innovative solutions, please visit: memsdrive.com
Youtube / Bilibili : MEMSDrive
LinkedIn: MEMS Drive

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SOURCE EE Times Asia

Technology

Nodepay Raises $7M Total Funding To Power AI Growth with Real-Time Data Infrastructure

Published

47 minutes ago

December 27, 2024

SINGAPORE, Dec. 27, 2024 /PRNewswire/ — Nodepay, a decentralized AI platform transforming unused internet bandwidth into real-time data pipelines for AI training, today announced it has raised a second round of funding, bringing its total to $7 million.

The latest funding round welcomed new strategic investors IDG Capital ($23 Billion AUM), Mythos, Elevate Ventures, IBC, Optic Capital, Funders.VC, Matthew Tan (Etherscan founder) and Yusho Liu (CoinHako Co-founder & CEO) as notable angels. They join an impressive roster of previous backers that includes Animoca Brands, Mirana, OKX Ventures, JUMP Crypto, Tokenbay Capital and more.

Nodepay’s network taps into a global community of users running privacy-protected nodes. By sharing their spare internet bandwidth, these participants earn rewards for creating a real-time data source that improves AI inference with accurate, timely information—an approach known as Retrieval Augmented Generation (RAG).

Darren Nguyen, co-founder of Nodepay commented: “Our mission is to develop solutions that create tangible value for both AI developers and its end users. We give contributors a share in the AI ecosystem they help fundamentally build.”

Nodepay’s infrastructure platform integrates real-time data retrieval, a Web3-focused decentralized answer engine, reinforcement learning for more accurate model output, and gamified human verification. Together, these components combine to create a fair, collaborative, and innovative AI ecosystem.

Eric Le, investment director of IDG Capital, said, “The team at Nodepay is democratizing the AI economy by providing a platform that allows users to share directly in the value they create. We’re proud to support their vision of making AI more accessible and beneficial to all.”

With this funding, Nodepay will continue to commercialize its infrastructure to benefit both its community and partner AI labs. As it prepares to launch on Solana, Nodepay stands ready to lead the next era of decentralized AI development and training.

Already serving over 1.5 million active users worldwide, Nodepay continues to expand its reach, solidifying its role as a leader in the integration of AI and blockchain technology. Users can expect further updates and new announcements through their social channels and official website.

About Nodepay
Nodepay is a decentralized AI platform dedicated to democratizing AI training through real-time data retrieval. By turning idle internet bandwidth into a valuable resource, Nodepay fuels the next generation of AI models and stands at the forefront of AI decentralization.

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Technology

Plume Network Partners with Maseer to Tokenize $200M of Carbon Allowances

Published

2 hours ago

December 27, 2024

NEW YORK, Dec. 26, 2024 /PRNewswire/ — Plume Network is proud to announce a strategic partnership with Maseer, an Abu Dhabi based tokenization platform, to bring $200M in Carbon Allowances exclusively on-chain to Plume. Built on Plume’s Real-World Asset Finance (RWAfi) ecosystem, Maseer will offer a tokenized solution to one of the fastest-growing alternative asset classes: compliance carbon.

Empowering Climate Action Through Compliance Carbon Tokenization

Compliance carbon has been one of the fastest growing alternative asset classes given increased regulatory and business scrutiny on emissions. The S&P Global Carbon Credit Index, which tracks the most liquid segment of the tradable carbon credit futures markets, has seen a 15.68% annualized return over the past five years. The value of these markets reached nearly one trillion USD in 2023.

The partnership with Plume Network allows Maseer to bring fully collateralized carbon products on-chain, where they will be fully compatible with Web3’s potent DeFi sector. DeFi integration vastly enhances compliance carbon markets with superior liquidity solutions and greater access to a global body of investors, broader market demand, and new yield sources.

“We are excited to partner with Plume to bring carbon allowances on chain. Plume is uniquely positioned to bring this vision to fruition because they are the only chain purpose built for RWAs. They’ve raised the bar with their tokenization engine, infrastructure tooling, and ecosystem network effects. We believe Plume is on the bleeding edge of on-chain adoption of RWAs,” said Bradley Allgood, CEO of Maseer.

“Energy transition is an asset category that we have been increasingly focused on at Plume because of growing demand for climate action, both from a government and corporate sustainability perspective. Volumes for the global carbon credit market are forecasted to grow at a 39% CAGR from 2024 to 2033,” said Teddy Pornprinya, Chief Business Officer and Co-Founder at Plume Network.

What are carbon allowances?

Compliance carbon allowances trade under cap-and-trade programs known as Emissions Trading Systems (ETS). These systems create transparent, liquid markets that are government-mandated and regulated. As of April 1, 2024, approximately 18 percent of global greenhouse gas emissions are covered by emissions trading systems (ETS). Carbon allowances are distinct from project-based carbon offsets and offer a market-based approach to regulating a region’s emissions, with mandatory participation for specified industries. Carbon allowance supply is managed by government agencies and adjusted primarily through an annually declining cap. 

About Plume
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse real-world assets. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs. Learn more at https://www.plumenetwork.xyz/ or contact press@plumenetwork.xyz

About Maseer
Maseer operates out of Abu Dhabi Global Market (ADGM), the world’s leading Special Economic Zone (SEZ) for digital asset innovation. Maseer is led by Tokenization and Free Zone Veteran Bradley Allgood and is focused on the design of bringing real world assets on chain to be fully interoperable with DeFi. Maseer has developed strategic relationships with Sovereign Nations and Large Enterprises to identify the highest quality real world assets around the world.

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SOURCE Plume Network