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SINGAPORE, Feb. 10, 2022 /PRNewswire/ -- Futu Singapore ("Futu SG"), a subsidiary of the Nasdaq-listed and Tencent-backed Futu Holdings ("Futu"), today announced that it has received approvals-in-principle for all of the SGX memberships.
This makes Futu SG the first digital brokerage in Singapore to receive approvals-in-principle for full trading and clearing memberships for securities and derivatives, but also the premier in the industry to achieve all five of the SGX memberships. Futu SG offers financial products for trading via the moomoo investment superapp.
This unprecedented feat comes as the tech-driven moomoo platform sees strong reception in the local market since its introduction here, with Singapore investors actively using the comprehensive tools and resources on the app to make smarter investment decisions. They are highly engaged on the investment superapp - attending in-app investment-related events, browsing courses and news, as well as engaging within a vibrant community to discuss on diverse topics including their investing experiences and insights.
With these SGX qualifications, Futu SG is set to be admitted as Clearing Member of The Central Depository (Pte) Ltd (CDP) and Singapore Exchange Securities Trading Limited ("SGX-ST"), Trading Member of SGX-ST, Trading and Clearing Member of Singapore Exchange Derivatives Trading Limited ("SGX-DT"), and Depository Agent of CDP.
This also means that the company – entering its first year in business in Singapore come March 2022 - is set to be the first full-service digital investment platform in Singapore, offering an enhanced experience for both retail as well as institutional investors. Futu SG (moomoo) has also separately received the approval to commence business as a EFA in the provision of financial advisory services on investment products, as well as the issuing or promoting of analyses and reports on them as defined by the FAA. It looks forward to ensuring the responsible delivery of such advice or recommendation to its investors.
Mr. Gavin Chia, Managing Director of Futu SG (moomoo), commented: "SGX is a valued partner of Futu SG (moomoo). The approvals-in-principle from the local bourse operator less than a year since we entered the Singapore market is a vote of confidence to our business strategy and vision. With this close collaboration with SGX, it allows us to get closer to realise the vision of moomoo being the most trusted and credible financial technology platform in Singapore.
"Since we entered the Singapore market, we have been committed to deeply understand the pain points of retail and institutional investors, and from there, provide them with better investment experiences. We do this via innovative ways that we constantly seek out, so as to push the boundaries of what can be done to also lift the financial services industry as a whole," said Mr Chia. "That sets us apart in the industry. To this end, we are constantly seeking out good partners to work with in a fast-evolving financial services space.
"We strongly believe that the introduction of the moomoo investment superapp in Singapore will drive the adoption of smart and responsible investing for the next-generation investor. These approvals-in-principle for the SGX memberships will further strengthen our business imperatives."
With these SGX memberships, Futu SG (moomoo) can enjoy more efficient access to SGX's range of investment and risk management solutions as well as a wider pool of international investors. At the same time, the memberships will enhance security and efficiency for the execution of trades on the moomoo platform, which would especially support the settling of fast, multiple transactions.
Futu SG (moomoo) has since worked with SGX, financial and other corporate institutions, as well as the wider community in areas such as investor education and the introduction of compelling Initial Public Offering (IPO) subscriptions to moomoo users. Futu's latest quarter's financial results reaffirms high-speed, high-quality expansion locally. In Singapore, moomoo has become one of the fastest-growing investment platforms, consistently ranking among the top three financial apps in terms of download volume in 3QFY2021. Singapore users are also placing a higher value of investments with moomoo, with total client assets jumped by over 50 per cent in the quarter.
Futu SG, a capital markets services licence holder regulated by the Monetary Authority of Singapore, achieved over 220,000 users in Singapore in under three months since it was launched here. It is expected to continue to drive expansion and innovation across its suite of products and services to meet the evolving needs of its investors and business partners in an increasing digitalised financial services industry.
Futu, which has 17 million users globally, has presence in four markets of Singapore, United States, Australia and Hong Kong SAR.
About Futu Singapore Pte. Ltd.
Futu Singapore Pte. Ltd. (Futu SG) is a wholly-owned subsidiary of Futu Holdings Limited (NASDAQ: FUTU), which is an advanced financial technology company transforming the investing experience by offering a digitised brokerage and wealth management platform. Futu enhances the user experience with market data, news, and powerful analytical tools. Futu also embeds social media tools to provide connectivity to all users, investors, companies, analysts, media and key opinion leaders.
In Singapore, Futu Singapore Pte. Ltd. (www.futusg.com) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000).
