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JERSEY CITY, N.J., March 14, 2024 /PRNewswire/ -- Moomoo's parent company Futu Holdings Ltd. ("Futu" or "the Company"), a leading tech-driven online brokerage and wealth management platform, announced its unaudited Q4 2023 earnings with US$303.8 million in revenues, up 4.1% year-over-year ("YoY") and US$121.7 million in non-GAAP adjusted net income.
For the year ended December 31, 2023, the Company recorded US$1.281 billion in revenues and US$585.1 million in non-GAAP adjusted net income, representing a YoY increase of 31.4% and 45.9%, respectively.
According to the earnings results, the Company's overseas digital brokerage and investment brand moomoo, alongside with its sister brands, had amassed 21.64 million global users and 1.71 million paying clients by the end of 2023, up 10.5% and 15.0% respectively, compared to the previous year. During the full year 2023, the Company had acquired more than 220,000 new paying clients, including over 59,000 newly added in the fourth quarter, a growth of 41.0% compared to that of Q4 2022.
Meanwhile, the paying client retention rate remained strong at 98%, with the total client assets achieving US$62.164 billion, up 16.3% YoY.
The Company also mentioned that the net increases in paying client acquisitions and AUM recorded for the first two months of 2024 have already exceeded those of the fourth quarter in 2023, due to rallies in various equity markets.
In February 2024, Futu Malaysia Sdn. Bhd. ("Moomoo MY") commenced its trading services, marking a significant milestone as it is among the first global digital brokerage firm to be granted the Capital Market Services License by the Securities Commission Malaysia. Within a week of its launch, Moomoo MY attracted over 30,000 new clients, marking another notable achievement in the Company's globalization strategy across Southeast Asia.
During the fourth quarter, Futu's affiliate companies achieved new accomplishments as its business expanded into more markets with more diverse product offerings to meet the multiple demands of global investors. At this stage, Futu's overseas affiliate companies provide stock trading and financial services in the US, Australia, Singapore, Japan, Canada and Malaysia.
Moomoo Singapore Achieves Profitability for First Time on a Quarterly Basis, Shows Strong Growth in High-Net-Worth Segment
In Singapore, moomoo continues to lead the way for the retail industry, with several key indicators ranking first among its peers. According to third-party data provider Data.ai, moomoo has achieved the highest number of accumulated downloads among stock trading apps in the Singapore market as of December 31, 2023, and recorded the highest number of daily active users (DAUs) among stock trading apps in the Singapore market from January 1 to December 31, 2023.
At the end of Q4, Moomoo Singapore (Moomoo SG) recorded profit on a quarterly basis and recorded AUM growth of 115.8% on a YoY basis. Notably, the average account balance of Singapore paying clients surpassed S$17,000 at the end of 2023, with a strong growth in the high-net-worth segment.
Moomoo SG was selected as the winner of Best Retail Broker Award, a testament to its hard work in delivering the best investment platform and investing experience for Singapore clients, by the Securities Investors Association (Singapore).
In addition, Moomoo SG was a sponsor for the SGX Cares Bull Charge Charity Run, as well as a series of financial literacy programs, as we seek to make a positive social impact on the community that we operate in.
Moomoo Empowers Investors in US and AU with Various Product Offerings and Investing Tools, Garnering Praises From Local Markets
To help fulfill many investors' surging demand of option trading in the US, moomoo announced its collaboration with CBOE Global Markets (CBOE) to offer index options products to eligible US moomoo brokerage customers. The collaboration represents a major breakthrough in moomoo's mission to expand the options market's accessibility for both current and potential customers.
Meanwhile, Moomoo US updated its Cash Sweep program in the US, with a compelling annual percentage yield ("APY") for eligible clients, expanding the toolkit to help boost the cash management efficiency of their securities accounts.
In December, 2023 Global FinTech Awards, powered by the renowned financial media Benzinga, granted moomoo the Best Day Trading Software award, marking moomoo being named a Benzinga Fintech award winner in various categories for three years in a row.
In Australia, the renowned financial magazine Money awarded moomoo the prestigious title of Best of the Best 2024 - Online Broker Rising Star. This tribute recognizes moomoo as a cutting-edge trading platform, providing Australian investors with access to global markets and an array of innovative trading tools to enhance their trading and investment experiences.
During the fourth quarter, moomoo introduced additional features to enhance Australian investors' journey. The notable launching of US stock Insider Activity and Candlestick Patterns empower investors to swiftly analyze market data and make informed decisions within moomoo's all-in-one platform. Furthermore, moomoo's Charting Tools feature received a patent from IP Australia, solidifying its commitment to cutting-edge technology.
Starting from December 2023, Moomoo AU introduced the Cash Plus wealth management solution to Australian clients. This additional cash management tool equips investors to navigate the high-interest rate environment prevailing in Australia.
Brand Impact and Technology Advancements Enable Moomoo to Rapidly Gain Tractions in Newly Launched Markets
Within six months of its entry into Malaysia, moomoo became the leading investment and trading platform ranking number one in accumulated downloads. (Based on Data.ai's comparison of stock trading apps on Apple and Google app stores as of December 31, 2023). Additionally, in the fourth quarter, Moomoo MY hosted a stock paper trading competition supported by Bursa Malaysia, attracting almost 5,000 participants.
In the fourth quarter, the number of moomoo registered users in Canada increased 258% QoQ. Based on the Data.ai's comparison from October 1 to December 31, 2023, moomoo climbed to the second place of Android stock trading app downloads ranking in the Canada market.
In the fourth quarter, Moomoo Japan introduced US stock trading services to Japan, further enriching the spectrum of investments for Japanese investors. Thanks to moomoo's comprehensive and localised operation strategy, moomoo app's daily active user (DAU) level consistently shattered records in Japan, based on Data.ai's data between October 1 and December 31, 2023.
Furthermore, moomoo's Moo Learn investing courses and community provide immersive learning experience to global moomoo users, including non-English speaking countries and areas in Japan, Canada and Malaysia. In Q4, the number of Moo Learn users jumped 71.44% QoQ.
About moomoo
Moomoo is a leading global investment and trading platform dedicated to empowering investors with user-friendly tools, data, and insights. Our platform is designed to provide essential information and technology, enabling users to make well-informed investment decisions. With advanced charting tools, pro-level analytical features, Moomoo evolves alongside our users, fostering a dynamic community where investors can share, learn, and grow together.
Founded in the US, Moomoo operates globally, serving investors in countries such as the US, Singapore, Australia, Japan, Canada and Malaysia. As a subsidiary of a Nasdaq-listed company, we take pride in our role as a global strategic partner of the New York Stock Exchange (NYSE), earning numerous international accolades from renowned industry leaders such as Best Trading Technology 2021, Best Investment Research Tech 2022, and Best Active Trading App 2021 awards from Benzinga and the Best Trading Platform 2022 award from Fintech Breakthrough. Moomoo has also received multiple awards in the US, Singapore, and Australia for its cutting edge, inclusive approach to investing.
For more information, please visit moomoo's official website at www.moomoo.com or feel free to email: pr@moomoo.com.
About Futu
Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.
Disclosure
Options trading is risky and not appropriate for everyone. Read the Options Disclosure Document (j.us.moomoo.com/00xBBz) before trading. Supporting docs for any claims will be furnished upon request.
