Futu’s moomoo platform revolutionises equity trading in Singapore
Young, tech-savvy investors want investing to be accessible and convenient – and one-stop trading platforms like moomoo are answering the call.
Like their peers abroad, some young investors in Singapore are embracing digital brokerage platforms. Especially with the shift to work-from-home arrangements during the ongoing pandemic, users are able to monitor financial markets and trade more easily.
These investors understand the importance of financial literacy and are keen to have more resources to help them navigate their investment journeys.
Mr Gavin Chia, managing director of Futu Singapore, said that there is a wave of young, Singapore-based investors and they are growing in numbers: “These young investors have grown up in the digital sphere and are taking greater autonomy in managing their own finances.
"They are turning to a platform like moomoo that is revolutionising trading."
TENCENT-BACKED FUTU SEES SOARING USER BASE
A fast-growing brokerage platform with over 15 million users across the globe, the Nasdaq-listed Futu Holdings (Futu), launched its one-stop trading platform named moomoo in Singapore in March this year. Futu Singapore (Futu SG) is a capital markets services licence holder regulated by the Monetary Authority of Singapore.
In three months, the moomoo app has racked up over 220,000 users, including 100,000 clients who have Futu SG securities accounts with deposits.
To commemorate this milestone, Futu has introduced a new logo for its brand. Paying homage to classic trader lingo of a bull run, the logo – a charging bull – represents the tenacity and can-do spirit of the modern, tech-savvy investor, and of Futu’s confident outlook on the future.
Backed by technology conglomerate Tencent, Futu aims to expand in the region, where Mr Chia expects the popularity of digital trading platforms to grow exponentially in the coming years.
He said: “We’re very humbled by the growth seen in the Singapore market so far and are excited to grow the Futu brand beyond Singapore borders and into South-east Asia.”
Earlier this month, Futu obtained the investment grade of BBB- from the S&P Global Ratings, becoming the pioneer online broker in the Asia-Pacific region to achieve this rating. Futu Holdings Limited and its subsidiaries are internationally well-established with 43 licences in major financial markets such as the United States, Hong Kong (SAR) and Singapore.
Currently, Futu allows users to trade blue-chip stocks, US, Hong Kong and Singapore stocks, as well as US options, American depositary receipts, exchange-traded funds (ETFs), real estate investment trusts and more. Users have access to unlimited commission-free stock trading in these markets during the promotion period.
Trading is not without its risks. To help clients, Futu provides courses and tutorials to educate them on topics like stock fundamentals, ETF strategies and how options work. The platform also features free real-time market data, fast trade execution, round-the-clock financial news and access to a global community of investors.
BUILDING A SOCIAL COMMUNITY OF TRADERS
Earlier this year, Futu conducted a survey on the investing behaviour of its clients, to better understand their needs and habits.
The survey, Millenials and Generation Z Investing Over the Pandemic, revealed that Generation Z investors are a lot more active than millennial investors. The former group is more engaged, has more average daily logins, browses and saves more stocks to their watchlist and trades more frequently.
“This young group is very passionate about learning and utilising digital means to do so, and we’ve seen great pick-up of the app and its functions,” said Mr Chia, who also noted that although millennials and Gen Z are digital natives, older investors are increasingly embracing digital platforms for investing.
As a responsible firm, Futu believes in making financial literacy accessible. According to the company, investing should be easy and accessible, and clients should not feel alone or overwhelmed on their investment journeys. To this end, Futu has included features aimed at upgrading client knowledge and ease of use, such as real-time market data, access to tutorials, live company broadcasts and customisable tools.
But perhaps Futu’s community of users is the real draw for investors. Members are using the in-app forum to connect and exchange market views as well as share their investment insights, and Mr Chia expects this social aspect of investing to grow in the years to come, not only among the Generation Z.
Said Mr Chia: “Our moo community allows users to interact with other like-minded individuals across the globe.
“Since our launch, we’ve seen a growth in interactions, especially with the younger generations, as more individuals share their tips and expertise with others to help them become more well-versed in the financial world.”
Start your online investment journey with Futu Singapore via the moomoo app.
*Terms and conditions apply. The full terms and conditions and disclaimer can be found at https://j.moomoo.com/003U7L. 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.