Saxo Markets Singapore is a brokerage regulated by the Monetary Authority of Singapore (MAS). This week they announced a strong performance for the first half of 2021.
The unit has reached SGD 10 billion ($7.45) in assets from 24% more traders within six months and highlighted the market momentum behind this success with their growing client base.
Adam Reynolds, Saxo Markets’ APAC CEO, said Singapore’s momentum has been strong. He added that the company is excited to continue enabling more people.
He added that new products such as Crypto FX also boosted clients’ demand on the brokerage platform.
Young traders are dominating.
Saxo Bank’s quarterly trading statistics show that the number of active monthly traders leaped 97% compared to the figure in the same period last year, while there was an obvious increase among young people.
The report reveals that 75% of newly registered Saxo traders are under 40 years old.
More and more women are trading activities as well. This is evident because 30% of new traders on Saxo were female, while their overall number rose by 410%.
Similarly, Saxo’s Singapore office reported a rise in trading activity among females, which was 410%, whereas it grew 354% for everyone else.
During its half-yearly financial figures, the Danish company Saxo Bank reported that operating profit reached DKK 2.4 billion in H1 of 2021 compared to DKK 2.3 billion during the same period in 2020. The net profits slipped to DKK 512 million from 529 million for this time frame as well.
More people are taking control of their savings and investments. Experts are attributing this to the global trend in motion even before the pandemic. It has led to increased interest from both experienced investors and individuals investing for the first time.
As many countries slowly transition back into a more normal state, this will continue making retail investment one dominant market force that will likely remain strong in future years.