Futu Singapore, a unit of Hong Kong-based financial technology firm Futu Holdings, which is backed by Chinese tech giant Tencent Holdings, says it has obtained approval in principle for all memberships in Singapore Exchange (SGX), paving the way for it to become the first full-service digital investment platform in the city state.
Futu Singapore has been admitted as trading and clearing members of the bourse’s securities trading and derivatives trading units, and clearing member and agent of its central depository, the company says in a statement on February 11.
According to Managing Director Gavin Chia, the approval in less than a year since the firm entered the Singapore market “is a vote of confidence to our business strategy and vision”.
“With this close collaboration with SGX, it allows us to get closer to realise the vision of moomoo [the firm’s investment app] being the most trusted and credible financial technology platform in Singapore,” he says in the statement.
Futu Singapore holds a capital markets services licence and is regulated by the Monetary Authority of Singapore. The company says it achieved over 220,000 users within less than three months of its launch in March 2021.
Futu Holdings, which has presence in Australia, Hong Kong, Singapore and the US, has 17 million users globally.
