Futu Holdings has officially launched its one-stop investment platform, moomoo, in Singapore on March 8.
The NASDAQ-listed company, which just celebrated the second anniversary of its listing on the tech index, unveiled its new regional headquarters in Singapore.
According to the company, the headquarters was set up to better serve the Southeast Asia region.
The launch, which is the first market entry outside of China, also represents “the company’s ambitious plans to capitalise on the rapid adoption of digital services and a young population that has grown in a technologically immersive environment,” reads the statement.
moomoo, which is backed by Tencent, seeks to be the technology-driven and international version of Futu’s investment platform.
SEE:How a mooncake led Leaf Li to start a Nasdaq-listed broking app
“In a world still in massive lockdowns, expansion into Singapore is a strategic decision to serve as a bridge into the rest of Southeast Asia. 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,” says founder and CEO of Futu, Leaf Li.
“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,” he adds.
According to the company, Futu Singapore currently offers the lowest fees and trading minimums in Singapore for investing in Hong Kong, Singapore and US securities via moomoo.
Read the story of how Futu’s founder began the online brokerage service firm.
As at 3.34pm (SGT), shares in Futu closed 6.8% up at US$140.41.
