Every 1 out of 5 adults between 20 to 70 in Singapore is moomoo's user
SINGAPORE, June 30, 2022 /PRNewswire/ -- Singapore Exchange (SGX Group) today welcomed Futu Singapore Pte. Ltd. ("Futu SG (moomoo)"), a subsidiary of Nasdaq-listed and Tencent-backed Futu Holdings (Nasdaq: FUTU), to strike the gong at market open to celebrate Futu SG (moomoo) as the first full-service digital brokerage in Singapore.
Futu SG (moomoo) is admitted as a Trading and Clearing Member of Singapore Exchange Derivatives Trading Limited and Trading Member of Singapore Exchange Securities Trading Limited. In addition, it will hold a clearing membership with SGX Group's subsidiary, The Central Depository (Pte) Limited, as well as becoming a depository agent of the financial institution. Futu SG (moomoo) is now one of the twelve SGX Group's members with full memberships across securities and derivatives markets.
In honour of the occasion, SGX Group CEO Mr. Loh Boon Chye, Futu Holdings Senior Partner and Senior Vice President Mr. Robin Xu, Futu SG (moomoo) CEO Mr. Ivan Mok and Managing Director Mr. Gavin Chia and other members of SGX Group and Futu SG (moomoo) struck the gong at SGX Group's IPO Arena on Thursday, 30 June 2022 at market open.
Mr. Leaf Hua Li, Futu's Chairman and CEO commented: " Receiving all the memberships from SGX Group is a significant milestone for our company as we move toward strengthening our market leading position as a trusted, reliable, stable full-service investment and wealth management super-app, and as the go-to partner for comprehensive financial inclusion and financial literacy. Striking the gong today is representative of a new phase of growth in the retail and institutional investor segments for Futu SG (moomoo), where being one of the most trusted and credible financial technology platforms in Singapore and beyond is critical in shaping our service and trading capabilities that are of value to our customers."
Pol de Win, Senior Managing Director, Head of Global Sales and Origination, SGX Group, said, "We are pleased to welcome Futu Singapore as the first digital broker to receive full trading and clearing memberships of our securities and derivatives markets. Futu Singapore is primed to play a prominent role in increasing retail participation in Singapore's market, with millions of users worldwide across Futu Holdings' investment platforms. We look forward to strengthening our partnership with Futu Singapore to serve the growing retail and institutional demand for SGX Group's investment and risk management products across the region."
With the full memberships, we will be able to execute and settle transactions through our clearing system, strengthening the synergy with other Futu's subsidiaries. Owing to this, we expect to see a rise in retail participation across all Futu's clients on the SGX market, and for us to become an investment platform that connects SGX to global investors.
This feat comes as the number of Futu SG (moomoo) users in Singapore exceeds 21.5% of the population aged 20 to 70 in June 2022, implied every 1 out of 5 adults in Singapore is moomoo's user with the Singapore market becoming the second-largest trading market for Singapore clients.
With today's historic milestone, Futu SG (moomoo) cements itself as a strong partner to financial institutions, especially to those looking to raise capital for initial public offering (IPO) listings in Singapore and promote the top-class investment choices on the SGX to over 18 million of Futu's users globally.
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 license regulated by the Monetary Authority of Singapore (Licence No. CMS101000).
Source: Futu Singapore Pte. Ltd. Related Stocks: NASDAQ:FUTU