The Hong Kong-based wealth management company Futu Holdings is adding Malaysia to the list of countries whose residents can access its investment platform Moomoo, following the firm’s local subsidiary receiving preliminary regulatory approval for the service. Moomoo allows users of its app and website to trade financial instruments across a number of exchanges and provides news and information related to financial markets, business and investing. Moomoo also offers corporate services; discussion groups; and courses on topics including stocks, exchange-traded funds (ETFs), options and economic indicators. There are no fees or commissions to invest in US stocks or ETFs. The firm also offers an app called Futubull, which is similar but targeted at the US market.
Futu Senior Vice President Robin Xu argued, “[W]e are well-equipped to bring our international know-hows in transforming the digitised investment landscape in Malaysia,” thus furthering the firm’s “mission and vision to make investing more convenient and accessible to investors worldwide.”
Founded in 2007, Futu operates in Australia, China, Singapore and the US in addition to Malaysia. As of March 2023, the company holds total assets of HKD 93 billion (USD 11 billion). Futu’s largest shareholder is the Chinese technology and entertainment holding company, Tencent, which owns 15 percent of the company.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
Crowdfund Insider article
https://www.crowdfundinsider.com/2023/05/207409-se-asia-futu-holdings-enters-malaysia-with-investment-platform-introducing-financial-inclusion-solutions/
Futu homepage
https://www.futuholdings.com/
Moomoo homepage
https://www.moomoo.com/
Moomoo app on the App Store
https://apps.apple.com/sg/app/moomoo-trade-smarter/id1440255819
Moomoo app on Google Play
https://play.google.com/store/apps/details?id=com.moomoo.trade
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