HK Based Futu Launches Investment Platform Moomoo, Unveils New Singapore HQby Fintech News Singapore March 10, 2021
Futu Holdings announced the official launch of its one-stop investment platform, moomoo and unveiled the opening of its new regional headquarters in Singapore.
The company said in a statement that the new headquarters was set up to better serve the Southeast Asia region. This move marks Futu’s first market entry outside of China.
moomoo, which is strategically backed by Tencent, seeks to be the technology-driven and international version of Futu’s investing platform. It is also regulated and licensed by the Monetary Authority of Singapore (MAS).
Futu said the “investment platform is focused on empowering both seasoned and the younger generation of investors to take greater ownership of their financial future by providing market accessibility and data options, thereby reducing friction to access global investable products”.
Futu added that it offers the lowest fees and trading minimums in Singapore via moomoo for investing in Hong Kong, Singapore and US securities.
Futu reportedly has amassed over 13 million users globally, with daily active users surpassing one million.
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The announcements were made in tandem with the company’s second anniversary of its NASDAQ listing.
Leaf Hua Li, Founder and CEO of Futu said,
“Singapore’s digital friendly environment, high quality infrastructure, and efforts in adopting technologies has also made it an ideal location for us to expedite our foray into international markets.”
With over a million retail investors there, we believe that there is huge potential in the local market which will serve as a strong growth driver for us as our products are quite different from other products in the Singapore market. Currently, we have already set up our local headquarters and are looking to scale up our business moving forward,”
Featured image credit: moomoo