- One year since Futu SG (moomoo) was launched in Singapore on 8 March, 2021, it has achieved several firsts in the industry, including in Feb 2022 becoming the first digital brokerage to receive approvals-in-principles for all SGX memberships.
- Futu SG (moomoo) has also received strong reception for its innovative financial literacy campaigns among residents, signaling appetite for investing to be made smarter and easier.
- 8 March, 2022 also marks the official launch of moomoo in Australia.
SINGAPORE, March 8, 2022 /PRNewswire/ — 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.”
Futu Singapore’s one-year anniversary milestones (8 March 2021 to 8 March 2022)
March 2021: Official launch of Futu Singapore Pte. Ltd.
May 2021: Futu SG won the Fintech Award at Singapore Business Review Technology Excellence Awards 2021
June 2021: moomoo starts offering a dedicated local customer service hotline in Singapore to support 24-hour service on trading days and 12-hour service on non-trading days for the ultimate online product experience and localised customer service
June 2021: Futu SG gained 100,000 paying clients in Singapore market, and 200,000 residents have opened an account with moomoo
July 2021: Futu SG held an in-app paper trading competition on moomoo for a three-month period from July to Aug 2021, that saw 15,000 unique participants from Singapore each month
Aug 2021: Futu SG announced that trading of SGX stocks on moomoo is up six-fold since its March 2021 launch
Aug 2021: Futu SG employed nation-wide “Learn & Earn” campaign which encouraged creative, rewards-based learning, and it concluded with over 70,000 participants in Singapore who attempted quizzes that test their investment-related knowledge. These participants made a total of close to 1.9 million attempts at the quizzes.
Aug 2021: Futu SG released branding campaign video online and on out-of-home advertising channels, with the former recording over 1 million views on YouTube
Sept 2021: Futu SG kicked off partnership with SGX to promote financial literacy, and held first joint webinar
Sept 2021 (3QFY2021): Singapore client assets placed with moomoo increased by over 50 per cent in three months, as compared to last quarter
Sept 2021 (3QFY2021): moomoo has become one of the fastest-growing investment platforms, consistently ranking among top three finance apps by download volume on Apple App Store and Google Play Store
Oct 2021: Futu SG partnered leading e-commerce platform, Shopee, in one-of-its-kind partnership for its 10.10 campaign
Dec 2021: moomoo is the top five most downloaded finance apps on both Apple App Store and Google Play Store in year 2021, since it was launched in Singapore
Jan 2022: Futu SG raised the highest amount of capital for Nikko Asset Management for the listing of the NikkoAM-StraitsTrading MSCI China Electric Vehicles and Future Mobility ETF, which makes it the top placement agent among other brokers in Singapore
Jan 2022: Kicked off SUSS Invest x Futu SG (moomoo) Portfolio Management Challenge to promote financial literacy, that saw over 250 participants across Universities in Singapore
Feb 2022: First digital brokerage to receive approvals-in-principle for all SGX memberships
March 2022 and beyond:
Futu SG has built up a vibrant, inclusive and supportive in-app social community on moomoo over the past year, and leads the trend of social sharing in the investment world. Singapore users of moomoo are actively exchanging insights, discussing investment-related topics, and helping one another along their investment journey.
Futu SG to continue to lead the industry to revolutionise the investing landscape for all with the moomoo investment super-app.