Chinese Online Brokerage Opens Regional HQ in Singapore
The republic is Futu's first market entry outside of China, Hong Kong, and the United States.
Futu has opened its new regional headquarters in Singapore in a bid to better serve the Southeast Asia region, while rolling out its one-stop investment platform moomoo in the country on Monday.
«With over a million retail investors [in Singapore], we believe that there is huge potential in the local market which will serve as a strong growth driver for us as our products are quite different from other products in the Singapore market,» Leaf Hua Li, Futu founder and CEO of Futu, said in a statement.
Strategic Move
The Nasdaq-listed company said the expansion to Singapore is a «strategic decision to serve as a bridge into the rest of Southeast Asia» and plans to scale the business going forward.
The platform, which is backed by Tencent, has 13 million users globally, with 1 million daily users. It currently offers commission-free trading on Hong Kong SAR, Singapore and U.S. securities.
