Asia’s leading investment platform thrives in Singapore while eyeing the South-east Asian market

Futu Holdings’ moomoo, moomoo app

Mr Gavin Chia, director of Futu Singapore, aims to help Futu grow in the region and continue cementing its position as a leading trading app that helps users take control of their finances. PHOTO: FUTU SINGAPORE

Less than three months after Futu Holdings’ moomoo trading app was officially launched in Singapore in March this year, its user base has hit over 220,000. This includes 100,000 paying clients in the country – making it one of the fastest-growing online trading platforms in this region.

The rapid growth of Futu’s Hong Kong-based company – it also has offices in Mainland China and the US – has not slowed since its launch in October 2012.

Neither has its Singapore office. Its entry here marks a strategic move to expand within South-east Asia, home to a growing pool of digitally savvy investors.

Mr Gavin Chia, director of Futu Singapore, says: “Our approach is to establish ourselves and grow our team while paying attention to what investors in South-east Asia look for in a trading app. The thinking is to use the Singapore experience as a platform to launch into the region.”

The company plans to localise its moomoo app to cater to each country’s market. An important strategy will be to help users gain financial literacy and equip them with the tools to make informed investment decisions so that they can grow their wealth.

“Investors are no longer relying on brokers to make decisions for them. We believe that as more individuals take control of their finances, they will benefit from a platform that provides them with the tools and knowledge they can learn from as they go along,” adds Mr Chia, who has observed that although millennials and Gen Z are the digital natives, older investors are increasingly embracing digital platforms for investing.

The rise of the tech-savvy investor

In its recent brand refresh, Futu introduced a new logo inspired by the Charging Bull, an unmistakable tribute to power and prosperity on New York’s Wall Street. “This is very apt as it represents the tenacity and can-do spirit of the modern, tech-savvy investor assisted by the moomoo trading app,” says Mr Chia.

Another critical factor supporting Futu’s fast expansion is its commitment to innovation. More than 70 per cent of its 1,500 global workforce is dedicated to R&D to advance applications that can keep up with the changing landscape and investor needs to ensure the best user-first experience.

moomoo has free real-time market data, live streams, broadcasts of corporate events and online courses that promote financial literacy. Users can even opt for a notification service that sends them text messages about breaking news or new developments regarding the topics and stocks they are tracking.

The app currently supports investment products across Singapore, Hong Kong, and the US. It is also looking into adding investment products from other markets. Investors do not have to create separate accounts to participate in overseas financial markets with the assistance of one-stop investment platform like moomoo.

Understanding that investment opportunities could be fleeting and time is of the essence, Futu Singapore supports DDA Fast Deposit, allowing investors to fund their accounts in a timely manner. moomoo augments these efforts by ensuring that its local customer services teams stay responsive 24/7 to support its clients on their investment journey.

“Ours is a holistic platform that allows them to make next-level, self-directed trades with the tools they need to read the market and digest the changes. There is even an in-app forum – the moo community – that empowers them to bounce investment strategies off like-minded investors,” explains Mr Chia.

Moomoo’s 15 million-strong global community

One in-app feature that sets moomoo apart from other similar platforms is its 15 million-strong, collaborative global investor community that helps to empower new as well as experienced investors. The in-app forum also allows users from any part of the world to connect with analysts, media, key opinion leaders and companies, as well as share market insights.

Members of the moomoo community even share their opinions on various asset classes and lessons learnt from their investments, generate graphs and charts for others to gain insights, and inspire them with their success stories.

“It’s really quite amazing to see how involved people are becoming in sharing their knowledge for the benefit of others,” notes Mr Chia.

As a rising number of people use the in-app forum as a sounding board for their investment strategies, Mr Chia expects this social aspect of investing to grow in the years to come.

A leader in the sector

Such ground-breaking efforts are paying off for Futu, as evidenced by the size of its user base and rapid growth in the number of users in Singapore. They include users from other parts of South-east Asia who are based here. To cope with the expansion, the company is looking to grow its 10-man team to over 50 by the end of the year.

“The Singapore numbers illustrate that we are on the right track, and we’re extremely excited for Futu to grow in the region in the coming months and years ahead,” he says.

On growth forecasts, Mr Chia says the company expects an additional 700,000 paying clients across the globe by the end of this year, and about 20 per cent of these new clients are likely to come from the Singapore and US markets.

Being the pioneer online brokerage in the Asia-Pacific region to earn an individual investment-grade issuer rating of “BBB-” for strong capitalisation, adequate risk controls and business growth from S&P is another feather in Futu’s cap.

“That gave us a lot of pride because it cements our position as a leading broker in the markets we are present in. I believe this will also provide us with a sturdy platform for further expansion into other parts of South-east Asia,” says Mr Chia.

Disclaimer: Materials are not, and should not, be construed as an offer, or a solicitation of an offer, to buy or sell, or acting to sponsor, advocate, endorse or promote, or recommendations or other advice with respect to the purchase, sale or disposition of, or a means of reliance on which to make any investment in any product, security or investment. Please read and understand the sales documents and risk disclosure statement before investing. Offers are subject to relevant terms and conditions. This advertisement has not been reviewed by the Monetary Authority of Singapore. In Singapore, capital market products and services in moomoo are offered by Futu Singapore Pte. Ltd.

Futu Holdings’ moomoo, moomoo app
 

Internet Explorer Channel Network
News Related

OTHER NEWS

Some parents still haven't received the September child tax credit payment

@Sabi32 | Twenty20 On Sept. 15, millions of families received the third advance child tax credit payment automatically from the IRS. But others who got their July and August payments ... Read more »

Don't want to fully retire? Here's when phased retirement may work

Old woman working at home.Halfpoint Images | Moment | Getty Images Retirement doesn't have to be a drastic cut from a full-time job to no job at all. You may ... Read more »

Here's how much your Social Security benefits will be if you make anywhere from $30,000 to $100,000 per year

The average Social Security benefit is around $1,544. With inflation on the rise, retirees are expected to get as much as a 6% cost-of-living increase in their 2022 checks to ... Read more »

Divorce can devastate women's retirement savings. Here's how to rebuild

Peter Cade| The Image Bank| Getty Images Many people don't think their marriage will end in divorce. However, splitting up can significantly set retirement savings back, especially for women. Divorced ... Read more »

Bitcoin is cratering, again. What investors should keep in mind

Bitcoin resting on United States dollar banknotes.Nicolas Economou | NurPhoto | Getty Images Bitcoin's trademark volatility is again rearing its head, showing investors the risk they're signing up for when ... Read more »

Before you impulsively quit your job as part of the 'Great Resignation,' do these four things first

jayk7 | Moment | Getty Images If you are like millions of Americans, you may dream of quitting your job. You may be burned out, want to do something new ... Read more »

No longer cool to live near the office?

Home values in parts of Greenwich Village and Soho (pictured) have declined by about 10 per cent from 2018 to 2021. (BLOOMBERG) – Affluent New Yorkers used to pay a ... Read more »

Costly electric cars deter drivers from switching

(NYTIMES) – Mr Robert Teglia bought a Tesla Model 3 sedan even though he knew it cost more than many luxury cars. The commercial real estate appraiser tallied the costs ... Read more »

When virtual clothes are pricier than real ones

From left: Renderings of the “Atokirina” look and the “Fibonacci” look made by digital fashion company Auroboros; and a virtual sneaker from RTFKT and digital artist FEWOCiOUS, sold as a ... Read more »

Is YouTube a success?

Because of YouTube’s revenue sharing and other ways for content creators to make money from videos, it most likely has delivered more income to people online than any Internet site ... Read more »

Tech industry will still grow post-pandemic

Amazon’s margins, which measure the profit on every dollar of sales, are now the highest in the history of the company. (NYTIMES) – In April last year, Mr Jeff Bezos, ... Read more »

When the property market turns 'crazy'

(BLOOMBERG) – Soaring prices. Competition. Desperation. The dramatic conditions for US home buyers during the past year are now spilling into the market for rentals. Landlords from Tampa, Florida, to ... Read more »

China Telecom surges in 2021's biggest listing

The rise cemented its status as the world’s biggest listing so far in 2021. HONG KONG (BLOOMBERG) – China Telecom, the country’s second largest mobile operator, surged as much as ... Read more »

Parents must plan early for retirement: Panel

(From left) The Straits Times Invest editor Tan Ooi Boon with panellists Melita Teo, Tan Huey Min and Tommy Lim at the Roundtable On Retirement. SINGAPORE – Singaporeans, especially parents ... Read more »

Young staff reluctant to return to the office

Younger workers have grown especially attached to the new way of doing business. (NYTIMES) – Mr David Gross, a New York-based advertising agency executive, convened the troops over Zoom this ... Read more »

Money pours in for anti-hacking firms

Breaches have fuelled concerns among companies and governments. (NYTIMES) – As cyber attacks proliferated this year, Mr Sanjay Beri, chief executive of Netskope, received a phone call. Then an e-mail. ... Read more »

Should the Fed tackle the US property bubble?

Industry experts say the US home price boom emerged from a cocktail of low interest rates, booming demand and supply bottlenecks. (NYTIMES) – Mr Robert Kaplan, president of the Federal ... Read more »

The billionaires' banker joins elite club of mega-rich

Mr Byron Trott (pictured) made a name for himself orchestrating a series of deals for Mr Warren Buffett’s Berkshire Hathaway. (BLOOMBERG) – Mr Byron Trott, consigliere to some of the ... Read more »

Financial planning is key to facing everyday challenges

Parents can expect to pay at least $16,000 in fees per year if they send their child to a university in Australia, the UK or the US. Getting a divorce ... Read more »

This former banker is on a mission to make investing more accessible for S'poreans in volatile times

“Better investing means people can live easier today and be better prepared for the future and retirement. It is more than just money. The societal impact and happiness this can ... Read more »

New-age condos with 'spiritual' services

Ms Leah Forester leading a spiritual concierge event at Jardine, a new apartment complex in Los Angeles. Some developers and estate agents say that in the wake of the coronavirus ... Read more »

US economy recovers, but faces fresh challenges

(NYTIMES) – The US economy climbed out of its coronavirus-induced hole in the spring as vaccinations and federal aid fuelled a surge in consumer spending at restaurants, resorts and retail ... Read more »

Smaller activewear brands a hit among female athletes

Steeplechaser Colleen Quigley is among athletes who has opted to strike new types of deals with smaller activewear brands. (NYTIMES) – Athleta, the activewear brand for women and girls owned ... Read more »

Offering financial know-how to graduates

(NYTIMES) – With financial adulthood comes a series of firsts – apartments, loan payments and other complex decisions, all made while rent is high and starting pay cheques are low. ... Read more »

LV handbags still the rage in pandemic

A bag designed by Virgil Abloh for fashion house LVMH in 2019. (BLOOMBERG) – The demand for popular designer handbags is very strong even though people are staying home more ... Read more »

Young adults here continue to invest despite Covid-19 pandemic

A survey on around 500 youngsters found that 80 per cent of them are already investors. SINGAPORE – Young adults here are continuing to invest despite the pandemic, according to ... Read more »

How to take advantage of market volatility when trading CFDs

IG’s knock-outs act as a powerful risk management tool that enables traders to limit risk while trading on higher leverage with an in-built guaranteed stop. PHOTO: SHUTTERSTOCK The past year ... Read more »

Work from home is spurring some to retire early

(NYTIMES) – For Ms Mona Janochoski, a chemist who ran a laboratory, working from home during the coronavirus pandemic was the deciding factor. It was the first time in her ... Read more »

Oh yes, young people may be easier targets for scams

(NYTIMES) – If you’re a digital native and consider yourself immune to all scams, the thieves have you right where they want you. For years now, the Better Business Bureau’s ... Read more »

5 things to know about Chinese stocks

(NYTIMES) – Americans have good reasons to be wary of investing in China. It’s easy to get caught up in the headlines and go no further. It’s easy to be ... Read more »

New York facing rental slump

(BLOOMBERG) – Condo sales are surging in New York City. But fewer of those buyers are tapping a once-popular investment strategy: leasing out units for income. The idea fell out ... Read more »

How to invest in real estate without breaking the bank

Navigate the daunting world of real estate investment with the help of digital wealth manager, Syfe. PHOTO: GETTY IMAGES If you grew up with traditional Asian parents, there’s a good ... Read more »

Will making salary public boost fairness?

NASCAR has penalized the Hendrick Motorsports teams of reigning Cup champion Chase Elliott and Alex Bowman for engine allocation infractions at New Hampshire Motor Speedway. Elliott’s No. 9 team and ... Read more »

Losing money is bad for the heart, says study

TikTok comedian Jon-Bernard Kairouz has accurately predicted NSW Covid case numbers for five days.Source:Supplied TikTok comedian Jon-Bernard Kairouz has fallen from grace after his five-day streak of correctly reporting NSW’s ... Read more »

Pay $272k to return to life decades after death?

(BLOOMBERG) – You probably know this already – high-risk investments are not for the faint-hearted. But what you may not know is that the ups and downs of your investment ... Read more »

How a green future could look like

Last week marked a watershed for technology start-ups in India, as a record bout of fundraising shifted attention to the world’s second-most populous market, just as investors were becoming spooked ... Read more »

Building a financial plan? You may already be on your way

Despite playing a shredded god on screen, Chris Hemsworth is not above the lure of the Colonel. The Australian actor, known for playing muscular Thor in the Avengers franchise, surprised ... Read more »

Women lose out amid fall in bank teller jobs

Technological advances are eliminating the need for bank tellers, threatening an entry point for women. (BLOOMBERG) – For years, women have had a foot in the door to the finance ... Read more »

When machines decide the fate of employees

At Amazon, machines are often the boss. (BLOOMBERG) – It is not exactly the Terminator from the sci-fi movie but in today’s digital age, you can get terminated by machines, ... Read more »

Pandemic hobbies that make money

Ms Jenny Eisler, who works for an online fashion retailer, began embroidering as a hobby at the start of the coronavirus pandemic. (NYTIMES) – Ms Jenny Eisler learnt to knit ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic