Singapore client assets placed with trading platform moomoo increased by more than 50 percent in three months
The pandemic has fuelled a retail investing boom around the world, including in Singapore, whereby Futu Singapore Pte. Ltd. (Futu SG), which offers investment products for trading via moomoo, is seeing strong growth in client assets in this market.
Singapore users of moomoo, which total over 200,000 in strength, are placing a higher value of investments with the app.
According to 3QFY2021 financial results release by the Tencent-backed Futu Holdings, total client assets in the Singapore market jumped by 52.4 percent in just three months from July to September 2021. Average client assets also increased by 11.5 percent in the same period. Futu SG is a wholly-owned subsidiary of Futu Holdings.
The moomoo platform continues to see warm reception in the Singapore market, with the quarter’s financial results release reaffirming high-speed, high-quality expansion locally. In Singapore, moomoo has become one of the fastest-growing investment platforms, consistently ranking among the top three financial apps in terms of download volume.
Futu SG’s commitment to democratise investing since it entered the Singapore market in March this year has resonated well the investing community here. Millennials and Gen Zs, which make up more than 70 percent of moomoo’s users, are actively attending in-app webinars and tutorials on investment-related courses, and reading latest news to stay ahead of the game.
In collaboration with stock exchanges and other major financial institutions, Futu also held joint seminars and events such as a “paper trading competition” to further promote financial education. The competition gave users USD 200,000 in virtual money so that they can test out their investing strategies and gain confidence in a simulated trading environment before trading in the real world.
During the quarter, 249 new videos and infographics were also produced by Futu, covering 40 courses and topics. They range from stocks to exchange-traded funds (ETFs), as well as options and investing in the US market.
Gavin Chia, Futu Singapore Managing Director said: “Financial literacy is a cornerstone of our strategy, as we want to democratise investing for investors of all levels by making it simpler and more digestible.
“With the addition of substantial investor education resources during the quarter ended 30 September, we continue to sustain the momentum in enabling greater financial literacy and empowering all in their investing journey.”
moomoo’s positive growth is further accompanied by an important shift in the way millennials and Gen Zs engage with the platform: financial literacy itself is becoming increasingly community-driven as users turn to one another for ideas and insights on investment-related topics with like-minded individuals.
This movement has resulted in social sharing spilling over to investment world, with the “moo” community buzzing with conversations around the latest hot topics making the headlines in investing and finance, as well as individual experiences, since the moomoo platform was launched here.
Chia reflects: “The engaging in-app social community experience on moomoo is unlike any other provided by an investing platform, and is especially welcomed by Singapore-based users who turn to one another for connection, support, insights and even validation as they go about their investment journey.
“From conversations around the outlook for big tech and blue-chip stocks and the investing trends of tomorrow, these users are eager to learn, and want to be well-positioned to capture investment opportunities.”
Chia added that in keeping up with the increasingly diverse needs of a growing user base in Singapore, moomoo launched new funds, U.S. IPOs for accredited investors, and structured warrants in the quarter.