TigerWit has achieved record revenues of US$27.5m for their financial
year ended 31st March 2020, up 24% from 2018/19, according to an
official statement. The trading platform has also increased its global
network of partnerships and expanded its presence in emerging markets
globally.
Although retail brokers have been facing many challenges in recent
times, particularly the more stringent regulatory environment that has
changed significantly over the past 18 months across more mature
jurisdictions, TigerWit has been able to secure solid business growth.
The retail broker has accomplished a number of strategic achievements,
including new product launches, such as the addition of
cryptocurrencies and continued enhancements of the mobile trading app.
Other noticeable developments include the launch of the TigerWit
employment program in conjunction with Liverpool FC and receiving
their Type 3 license from the Securities and Futures Commission in
Hong Kong. The firm plans to push further in its mission towards
improving financial inclusion across several developing economies, in
addition to increasing market share within developed markets.
Tim Hughes, CEO at TigerWit, commented:
“The last financial year has been both successful and transformational
for the Group as we progressed our strategy of broadening our global
footprint and further developing our technology. These investments
position us to offer an innovative suite of trading and fintech
products to retail investors around the world. This strategy is
becoming a reality with our multi-jurisdiction regulation,
establishment of regional partnerships, and product innovation.
“Despite the uncertainty of what the global coronavirus pandemic
presents, we have ensured we do our utmost to protect our employees by
providing them with everything they need to be able to work safely
from home. This financial year has commenced strongly in the face of
today’s uncertain economic climate and we continue to grow, looking
forward to the months and years ahead with great optimism.”
TigerWit was recently awarded “Best Global Forex Trading Innovation”
2019 at the Global Forex Awards. Last year, the firm announced
explosive growth of total revenue in 2018, coming from $10 million in
2017 to $19.6 million, a rise of 96 percent. The firm’s key
performance indicators have increased considerably on a year-over-year
basis, including client opening trade numbers, which rose by 68
percent when compared to 2017, and Year End clients’ balances which
were up 38 percent.
In April 2019, TigerWit appointed Gareth Derbyshire as its newest
Chief Compliance Officer to be responsible for the firm’s global
operating licenses and compliance oversight. His in-depth experience
includes managing all aspects of compliance and financial crime for
regulated businesses, thereby helping firms to achieve full scope of
regulatory permissions, as well as foreign licenses. Throughout his
career, he has held FCA CF10 Compliance Oversight and CF11 Money
Laundering Reporting functions. Prior to this, he was with ETX Capital
as Head of Compliance & MLRO, PLUS500UK Ltd. as Head of Compliance and
with CMC Markets, Norwich and Peterborough Building Society in similar
roles.
About The Firm:
TigerWit is a global financial technology service provider with offices in London, Nassau and Hong Kong. The firm is well known for bringing innovative trading solutions to the industry in form of its flagship distributed trading ledger platform and providing access to key global markets to trade on FX, indices, commodities, metals and cryptocurrencies. The TigerWit Group includes TigerWit Limited (UK) an FCA regulated firm with license number 679941, TigerWit Limited (Bahamas) authorised by the Securities Commission of The Bahamas (SCB) with license number SIA-F185 and TigerWit (Hong Kong) Limited (CE no BOI171) is licensed by the Securities and Futures Commission (SFC).
