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