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Brokerage wars: Incumbents push back as investors flock to Moomoo, Tiger Brokers, FSMOne

The new kids on the block have gained ground with the share of investors in Singapore who use digital brokerages as their primary online broker rising

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Therese Soh

Therese Soh

Published Fri, May 9, 2025 · 03:00 PM
    • Incumbents are not taking things sitting down, but are innovating to spruce up their offerings, win over younger investors and differentiate themselves.
    • Incumbents are not taking things sitting down, but are innovating to spruce up their offerings, win over younger investors and differentiate themselves. ILLUSTRATION: MARIO MONREAL, BT

    [SINGAPORE] A digital brokerage boom erupted amid the pandemic. But, unlike other trends that emerged during Covid-19 and eased over time, the online trading frenzy seems here to stay. 

    A few years after the retail trading surge, which introduced a flood of new broker platforms into Singapore, the new kids on the brokerage block have since gained ground and captured more market share.

    A report by research firm Investment Trends showed that the share of investors in Singapore who use digital brokerages as their primary online broker soared from 7 per cent to 36 per cent between 2020 and 2024. 

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