Xiaomi-backed online brokerage Tiger Brokers Singapore has collaborated with online money transfer service Wise to introduce the Tiger BOSS debit card.

The debit card offers its users the opportunity to earn fractional shares with every dollar spent, which unlike cashback or loyalty points, do not expire in a bid to blend daily spending with investment opportunities.

With the Tiger BOSS debit card, users can start deploying rewards earned into their investments of choice from the time when a transaction is approved.

The shorter duration required to accrue or hold rewards means that investors can free up more capital and make regular investment contributions.

This feature is especially useful for consumers who may not want to spend a minimum amount every month to accumulate rewards and reap the benefits only at a later point, as is commonly required for credit cards.

Once activated, the Tiger BOSS debit card can be added to Apple Pay or Google Pay wallets for contactless payments. Fractional shares will also be instantly accrued once users begin to make eligible purchases on-the-go, without having to wait for a physical card to arrive before users start spending.

Details of approved transactions will be reflected online almost instantly. Meanwhile, rewards scored will be credited to users’ debit card account one working day after the spend has been made.

With the Tiger Trade platform, cardholders have access to a broad spectrum of investment options, from stocks to ETFs and unit trusts, across global markets. The card also offers competitive foreign exchange rates for overseas spending, further enhancing its value proposition.

To celebrate the launch, Tiger Brokers is offering a promotional 1% cashback in Tesla fractional shares for eligible transactions made by 30 April 2024, alongside rewards for successful referrals. The application process for the card is straightforward, with no annual fees.

Ian Leong, CEO of Tiger Brokers Singapore said,

“By linking everyday spending with the card, individuals can access pricier stocks without a large initial investment. Furthermore, by offering fractional shares as rewards for everyday spending, we aim to introduce newcomers to investment, and foster awareness and confidence in financial markets. Anticipate more exciting developments tailored for the investing community in Singapore, as we launch additional locally-focused products in the coming months.”

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/89477/payments/tiger-brokers-singapore-unveils-debit-card-with-instant-fractional-share-rewards/