PALO ALTO, Calif., July 1, 2022 /PRNewswire/ -- Futu Singapore Pte. Ltd. ("Futu SG" or "Futu Singapore"), a subsidiary of Nasdaq-listed Futu Holdings (Nasdaq: FUTU) offering securities trading services via moomoo app in Singapore, had the gong-strike ceremony today to mark it becoming the first digital brokerage with full Singapore Exchange memberships.
Futu SG is officially 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 clearing membership in SGX subsidiary The Central Depository (Pte) Limited, as well as becoming a depository agent of the financial institution. Futu SG is now one of the twelve SGX members with full memberships among other 79 members.
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 CEO Mr. Ivan Mok and Managing Director Mr. Gavin Chia and other members of the SGX and Futu SG struck the gong of the SGX on the IPO Arena on Thursday, 30 June 2022 at market open.
Mr. Leaf Hua Li, Futu's Founder, Chairman, CEO & Chairman of the Technology Committee commented: "Receiving all the memberships from SGX was a significant milestone for our company as we moved toward strengthening our market leading position as a trusted, reliable, stable full-service investment and wealth management super-app (moomoo), and as the go-to partner for comprehensive financial inclusion and financial literacy in Singapore."
Mr. 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."
Futu Holdings Senior Partner and Senior Vice President Mr. Robin Xu said: "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."
Futu SG and moomoo had achieved countless breakthroughs and advancements in Singapore. Since its debut in March 2021, Futu SG had acquired the first 100,000 paying clients in less than three months. As of June 2022, the number of moomoo users in Singapore exceeds 21.5% of the 20 to 70-year-old permanent resident population.
Meanwhile, the average asset value of the accounts held by the Singapore paying clients acquired in January had doubled by the end of March, as moomoo's penetration into higher income and education population increases.
In addition, the wealth management business also thrives in Singapore, as the scale of asset under management boosted 93% with the client number surging 95% quarter-over-quarter, as of the end of first quarter.
Later this year, Futu Holdings will be celebrating its 10-year anniversary, marking over 18 million users globally with presence in four key markets – Singapore, United States, Australia and Hong Kong SAR.
About Futu Holdings Limited
Futu Holdings Limited ("Futu") (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. Futu provides investing services – including stock trading and clearing, margin financing, wealth management, market data and information, and interactive social features for Hong Kong SAR, US and China Connect stocks – to individual investors through its proprietary one-stop digital platforms, Futubull and moomoo. Futu also provides Employee Stock Ownership Plan (ESOP) solutions and IPO distribution services through its enterprise service brand FUTU I&E, with a focus on providing employee stock ownership plans to corporate clients.
Futu aims to become an influential financial services platform globally, by building a complete financial technology ecosystem with the mission of "making investing easier and more collaborative." For more information about Futu Holdings, please visit the company's official website www.futuholdings.com
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SOURCE Futu Singapore Pte. Ltd.