Country for PR: China
Contributor: PR Newswire Asia (China)
Friday, July 01 2022 - 19:15
AsiaNet
Futu SG Strengthens Its Leading Position as The First Digital Brokerage to Receive Full SGX Memberships
PALO ALTO, Calif., July 1, 2022 /PRNewswire-AsiaNet/ --

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.

Source: Futu Singapore Pte. Ltd.

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=424665

   Caption: Mr. Robin Xu, Senior Partner and Senior Vice President of Futu 
Holdings Limited returns a charging bull to Mr. Loh Boon Chye, CEO, SGX Group, 
representing the tenacity and the can-do spirit of the modern, tech-savvy 
investor and of Futu's confident outlook of the future