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.
