The price of Futu Holdings Ltd (FUTU) stock increased from $123 and closed on $152.91, increasing as much as 24.3% on 9th March. The company launched its investment platform, moomoo, in Singapore, which lead to the increase of the stock price of FUTU stock.
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The launch of moomoo and FUTU
On 8th March, Futu Holdings Ltd announced officially that they will be launching moomoo, an investment platform, in Singapore. Futu Holdings Ltd. also revealed the opening of its new regional headquarters in Singapore alongside the company’s second anniversary of its listing in NASDAQ. Futu holdings ltd. is a tech company that offers digitized wealth management and brokerage platform. The company is located in China, Honk Kong, United States and now in Singapore as well. The company was listed in NASDAQ two years ago on 8th March, 2019. Futu holdings Ltd offers services for US, China and Hong Kong stocks. The services they offer include investing services such as stock trading, wealth management and market information and data. The company also offers services such as Employee Stock Ownership Plan (ESOP) solutions and IPO distribution.
moomoo, a step ahead for FUTU
With the backing of its biggest investor Tencent, moomoo aims to be the international version of the investing platform and more technology driven. It will focus on providing investors with data options and market accessibility which will help empower them to take a better and greater ownership. With the help of moomoo, Futu Singapore offers trading minimums and lowest fees for investment in Singapore, Hong Kong Special Administrative Region (SAR) and the US securities. Moomoo is regulated and licensed by Monetary Authority of Singapore (MAS) so it enjoys a reputation of being more reliable and stable as compared to its peers. At the moment, Futu has one of the biggest trading communities, surpassing over 13 million users all over the world and over one million active daily users. Moomoo has also incorporated social media that helps to create a network centered on its users. Futu holdings ltd.’s mission was to make investing much easier for its users and they have stayed true to it. Not only this, the company has allocated over almost 70% of its employees into research and development, which helps them to constantly come up with innovative and new solutions on how to improve the current platform.
To put it succinctly, the investors seem to be reacting positively to the news of Futu Holdings announcing the investment platform, moomoo, in Singapore and also the opening of their new regional office in Singapore, which will help the company bridge the gap with rest of the Southeast Asia.