moomoo Singapore wealth management AUM soared 3.7 times in 3 months, with a high market share of over 22% in Q2 2022
Wed, August 31, 2022, 4:35 AM
In this article:- FUTU
-4.16%
SINGAPORE,Aug. 31, 2022/PRNewswire/ -- Futu Holdings Limited (Nasdaq: FUTU; "Futu"), the parent company of Singapore's leading digital brokerage and wealth management platform Moomoo Financial Singapore Pte. Ltd. (moomoo SG), has reported continued growth for the second quarter ending June 30, 2022(Q22022).
Both revenue and net profit increased 10.8% and 25.1% from the corresponding period year-over-year toUS$ 222.6 millionandUS$ 87.7 million, respectively, fueled by the Group's international expansion across key financial markets such as the US, Hong Kong SAR,Singapore, andAustralia, with momentum sustained as the Group continued to cater to the diverse needs of global investors.
The following are highlights of achievements made by moomoo SG in Q2 2022:
- Within 16 months of operation in Singapore, moomoo has quickly become a highly recognized platform by local investors, achieving increased penetration of the digitalized brokerage business in Singapore. As ofJune 2022, the number of moomoo's Singaporeusers accounted for 22.1% of Singapore's population aged between 20 and 70. Singaporeclients' AUM continued to increase, up 144.7% YoY.
- In Singapore, AUM of the wealth management in Singapore surged 377.4 % and the funds' holders grew 191.3% sequentially. As of quarter end, moomoo parent company- Futu's wealth management brand has collaborated with 66 local and world-renowned financial institutions in offering diverse fund products to clients, adding two new partners in the second quarter.
- As of June 2022, Moomoo Financial Singapore Pte. Ltd. had officially became the first digital brokerage to receive all 5 memberships from the SGX Group for both the securities and derivatives markets, strengthening its leading position in the industry.
- As of the second quarter, Futu Trustee (Singapore) Pte. Ltd. obtained a trust business license from the Monetary Authority of Singapore(MAS), laying a solid foundation for trust business development in Hong Kongand Singapore, two of the most prominent financial hubs worldwide. With this license, Futu can provide a comprehensive range of trust services, including ESOP trusts, family trusts, and family office services toAsia'sand global corporate clients or high-net-worth clients.
- FUTU
