DigitalCFO Newsroom | 8 March 2022
‘moomoo’ announces that it is the only one-stop investing platform to break through the top 5 most downloaded apps in the finance category.
Investment super-app moomoo today marks one year since its entry into the Singapore market by announcing that it is the only one-stop investing platform to break through the top five most downloaded apps in the finance category in both the Apple App Store and Google Play Store in year 2021, since its launch on 8 March, 2021.
Futu Singapore (Futu SG), a subsidiary of the Nasdaq-listed and Tencent-backed Futu Holdings (Futu), offers investment products for trading via moomoo.
The rest of the top five mobile apps in the finance category in this period (8 March 2021 to 31 Dec 2021) include digital banking apps, as well as apps for mobile payment and wallets. This makes moomoo the only investment platform that offers a range of financial products for trading to be among the top five most used apps among Singapore residents in that mix.
Official Launch Of moomoo In Australia
As a global brand, moomoo has been growing at high-speed in Singapore and the United States (US). It also officially debuted in the Australian market on 8 March, 2022, offering investors in Australia access to stocks and Exchange Traded Funds (ETFs) trading in both the US and Australian markets. Further support will be available for trading in Singapore shares, Hong Kong shares, and A-shares.
Futu SG (moomoo) Receives Strong Recognition From SGX And Investors
Since its March 2021 launch, Futu SG (moomoo) has been expanding rapidly in Singapore, acquiring 220,000 registered users within the first three months, among which 100,000 were paying clients. There is also high-quality expansion. Its penetration into Singapore’s high-income, well-educated population has steadily increased, with assets under management (AUM) of its Singapore clients recording a 52.4% increase in Futu’s latest financial results in 3QFY21 as compared to the previous quarter.
Moomoo is now one of the fastest-growing digital investment platforms in the region, with also a rising number of young Singaporean investors. In as early as 3QFY21, moomoo already secured its place among the top three financial apps in terms of download volume in Singapore.
In its two Singapore offices at One Raffles Quay and Singapore Business Federation Centre, they house a talented team of employees across various departments from business development and marketing communications to risk and compliance. The Futu SG (moomoo) team is focused on gaining insights into the pain points of Singapore’s investors and providing services that better cater to their needs.
While gaining ground in the Singapore market, moomoo and Futu SG have also made achievements in acquiring licenses and qualifications, laying a solid foundation for product optimisation and business expansion. On 10 February, 2022, Futu SG announced that it had obtained approvals-in-principle approval for full Singapore Exchange (SGX) memberships, making it the first digital brokerage company in the industry to achieve this. In addition, Futu SG also obtained the “Exempt Financial Adviser” status.
The range of licenses and qualifications will make moomoo the first full-service digital investment platform in Singapore, as it further expands its product and service offerings to enhance the user experience.
In 3QFY21, moomoo also officially launched fund products in Singapore, partnering with internationally renowned financial institutions to meet the discerning needs of more Singaporean investors.
Innovative Approaches To Promoting Financial Literacy in Singapore
In the past year, moomoo has also made “social investing” a stir by providing an interactive, real-time online community that supports learning among Singaporean investors. Now, a growing number of Singapore investors are watching investment courses, acquiring investment knowledge, exchanging experiences and insights with other investors from around the world on the in-app “moo” community.
Futu SG is also committed to promoting investor training and has become the advocate and leader of local investor training. By 3QFY21, moomoo has posted 249 new investment training videos and illustrations, covering 40 courses and topics. At the same time, moomoo has also joined hands with SGX and many financial institutions to organise a variety of investment training events, co-organising seminars and paper trading competitions, to meet investors’ needs for practical learning.
Gavin Chia, Managing Director of Futu SG (moomoo), said: “While we look back on the many industry-leading milestones we achieved in the past year, we are not resting on our laurels. Now that we have built a strong foundation in the first year of our business in Singapore, we are better primed to offer investors in Singapore a smarter, faster, and reliable investing experience in the many years ahead. The investing landscape is still rapidly evolving in this digital era, and we will continue to lead trends as well as predict needs and wants of investors.
“As an online investment platform founded in Silicon Valley, moomoo has always been holding dear to Futu’s founding vision of ‘Make Investing Easier,’ going global by leveraging cutting-edge technologies, and providing smarter investing tools and resources to all our markets around the world. Futu will make further progress into Singapore to benefit all investors.”