Tiger Brokers (Singapore) deploys Onfido’s KYC to automate customer onboarding

Rick Steves

“We want to make investing as accessible and convenient as possible to our Singapore-based users”

Singapore-headquartered online trading platform Tiger Brokers has partnered with Onfido to automate customer onboarding using its AI-powered document and biometric verification solution.

The ID verification and authentication company is set to efficiently verify users while meeting Know-Your-Customer (KYC) requirements.

The brokerage firm wanted to improve its onboarding process for the proprietary trading platfor, Tiger Trade, as the number of new clients keeps increasing.

Onfido’s automated solution is expected to expedite the KYC process so that Tiger Brokers’ customers are able to start trading as soon as possible.

Users can verify themselves by simply taking a photo of their passport or Singapore NRIC and a short selfie video. The ID verification solution checks how genuine is the user’s ID and then matches it to the selfie video as it performs liveness checks.

Eng Thiam Choon, CEO of Tiger Brokers (Singapore), said: “Tiger Brokers (Singapore) is all about providing a seamless user experience to our investors. We have constantly made sure we update our platform with usability features, ranging from easier access to financial news to deposit enhancements, and our partnership with Onfido will allow us to onboard new users within a few hours instead of the average/standard two to three business days.”

Harvinder Singh, GM APAC of Onfido, commented: “Singapore is known as the fintech hub of Asia and we are proud to be supporting Tiger Brokers (Singapore) in their digitisation journey. Onfido brings trust to digital interactions worldwide, and we’re excited to be partnering with a company that’s equally ambitious. We pride ourselves on delivering an experience with the best technology solution and we look forward to collaborating with Tiger Brokers (Singapore) as they innovate for the future of the financial industry.”

The entity deploying Onfido’s KYC solution is the Singapore-based Tiger Brokers, which is licensed by the Monetary Authority of Singapore and is authorised to operate in Singapore.

The group is established in many other countries across the globe through different entities. Tiger Securities is a US-based broker-dealer regulated by the SEC, FINRA, CFTC, and NFA. The US-based operation also boasts the regulated investment advisor WealthN and Marisco Investment Corporation. Tiger Brokers is also operating in New Zealand and Australia.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<