Futu’s “moomoo” achieves over 220,000 Users and 100,000 Paying Clients in Under 3-months
Moomoo Inc. has announced that its affiliated company, Futu Singapore Pte. Ltd., has gained over 100,000 paying clients with its user base soaring to over 220,000 in Singapore since the official launch on 8 March 2021, making it one of the fastest growing digital investment platforms in Singapore.
Since entering the Singapore market, moomoo has proven to be a hot-favorite among the investing community, with its user base amassing to 220,000, of which 100,000 are paying clients. The robust growth over the few months has been complemented with positive user feedback on the interface and product offerings. This one-stop trading platform provides users with an easy-to-use and seamless platform to manage their portfolio across multiple markets, access to up-to-date resources and real-time market data, and interactivity via the in-app forum, moo community, Futu said in a press release.
Among the 100,000 paying customers, over 40% of our paying clients showed a keen interest in trading in the US market.
Futu Singapore conducted a survey earlier this year to better understand investing behavior and motivations among Gen Z and Millennials clients, understanding that this is a target audience segment to watch. Results showed that younger investors have a strong appetite for self-directed stock trading and make effective use of online investment platforms to implement financial management plans suited to their needs.
The survey also noted that the Gen Z and Millennials clients' practice of 'social sharing' has now extended to the investment world, with 11.6% of Millennials sharing profit graphs on the platform, and nearly 9.7% of Gen Z-ers sharing their performance or insights. This complemented the characteristics of younger investors and their drive to seek more knowledge and related content. And moo community offers exactly those features.
Around 220,000 people in Singapore have joined the moo community, where users, investors, companies, analysts, media and key opinion leaders are encouraged to connect and exchange market views, share their investment insights and questions through posts and live-streams, tune in to live broadcasts of corporate events and even participate in online courses dedicated to boosting financial literacy. This community of like-minded individuals act as a pool of knowledge and support for investment strategies. This engaging in-app social community experience is unlike any other provided in a digital trading platform, and has further contributed to Futu's popularity among local investors.
“We feel immensely proud to reach this milestone in the Singapore market and are thankful for all the support and feedback we have received from the investing community here. We've always set our minds for the Singapore market to be our runway of growth across the South East Asian region, and we're humbled to know that moomoo has attracted such a large customer base in a short period of time. We will continue to stay committed to scaling up our business portfolio in Singapore and are looking forward to having more local talent help pave the future for Futu,” says Mr. Leaf Hua Li, Futu's Founder, Chairman, CEO & Chairman of the Technology Committee.
Futu currently has over 14 million users worldwide and possesses one of the fastest growing investor communities in the region which enables users to stay up-to-date with latest investment trends and to seek guidance from seasoned and new investors.
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