IG Singapore seeks to broaden appeal beyond CFD trading under new CEO Gavin Chia

[SINGAPORE] Online brokerage IG Singapore is moving beyond its longstanding contracts-for-difference (CFD) business, as newly appointed chief executive officer Gavin Chia sets out plans to transform the firm into a broader, multi-asset investment platform.

Chia, who took the helm on Sep 1, said that his immediate priority is to expand IG Markets – a share-dealing app that lets investors trade equities and exchange-traded funds in markets such as the US, UK, Singapore, Hong Kong and Japan.

He was previously the CEO of Moomoo Singapore, another online brokerage.

With IG Markets, “we are trying to reintroduce to clients that we are more than a CFD broker in Singapore”, Chia told The Business Times in a recent interview.

CFDs are derivative instruments that allow investors to speculate on the price movements of assets such as shares, commodities or indices without owning them directly. Traders can profit from both rising and falling markets, but CFDs also carry higher risks as they are typically traded on margin.

While IG is recognised as a “trusted name” in Singapore’s CFD space, Chia noted that the firm now aims to reach a broader pool of investors.

“Our goal is to extend and expand clients in terms of their scope of trading,” he said.

“It’s not just about CFDs. Both platforms can complement each other,” he added, referring to IG’s larger trading ecosystem and IG Markets.

He described IG Markets as being in its “infant stage”, with plans to add more products over time. These could include cryptocurrencies, supported by IG Group’s earlier acquisition of crypto exchange Independent Reserve in September.

Eye on simplifying trading

Chia said that the firm’s strategy is to guide clients “in terms of their investment journey”, allowing them to start with simpler instruments and gradually move towards more sophisticated products within IG’s ecosystem.

A large part of his first weeks, he noted, was spent reviewing IG’s internal systems to make them more intuitive for local users.

“Trading can be complex,” he said. “We hope to simplify it, so that clients can focus on their decisions rather than trying to find the next button to click.”

He added that the team has been looking closely at account-opening and funding procedures to make them “more seamless”, while also ensuring the interface meets local expectations.

“Some people prefer a more simplified app. Some people prefer a more complex one. There’s no right or wrong,” he explained. “How can we make something that every Singaporean, the moment they look at it, they like it? That’s something we are working on.”

The brokerage also plans to step up its outreach and education initiatives through marketing campaigns and learning programmes. Chia said that IG is doubling its Singapore marketing budget this year to support these efforts.

He noted that younger investors today are more informed and willing to take calculated risks, often learning from one another through online communities.

“Clients are helping each other,” he pointed out. “People are forming their own community, and we want to be part of that.”

To that end, IG will also “do more” on content and education, both online and through in-person sessions, to help clients better understand market trends.

While his current focus is on Singapore, Chia said that the city-state also remains a key hub for IG’s expansion in emerging markets.

“We need to do well in Singapore, and we will do even better in Singapore,” he noted. “From there, surely the nearby countries will be something that we can look at.”

Maintaining open communication with the Monetary Authority of Singapore (MAS) is also central to the firm’s approach.

“Working with local regulators is always important,” he said. “If there’s any new initiative, we will inform MAS (beforehand). Giving them a heads-up builds that bond and helps us grow responsibly.”

Ultimately, Chia hopes to reinforce IG’s position among investors as a trusted and comprehensive trading platform.

“When they think of trading, they will think of IG,” he said.