Singapore

Futu Singapore sees 40% Surge in Stocks Transfer-In during last Two Months

Futu Singapore Pte. Ltd., a subsidiary of Nasdaq-listed and Tencent-backed Futu Holdings, saw a 40% rise year-on-year in April and May in clients opting for transfer-in stocks from elsewhere into the trading super-app moomoo.

According to Futu SG (moomoo) recent in-app survey, one-fourth of the new transfer-in clients indicated that the top three reasons for transferring-in stocks are moomoo's extraordinary user experience, UI excellence and market trustworthiness, Futu said in a press release.

Catering to the surge in transfer-in among its clients, Futu SG has decided to lower the barriers to investing by rewarding its clients a lifetime zero commission on all stock trading across the US, HK and Singapore markets when successfully transferring in stocks with moomoo during the promotion period from 1 to 30 June 2022, with an accumulated transfer amount of stock reaching above SGD20,000.

In addition, there is cashback for qualified clients. The cash reward amount will be determined by the total accumulated share value transferred in by a client during the promotional period.

Commenting on the latest promotion on transfer-in on moomoo, Futu Singapore Managing Director, Mr Gavin Chia said, “Even amidst market volatility, many investors are catching the crucial moment to continue investing in the market by opening an account and transferring stocks to moomoo. According to Futu's Q1 results, the total client assets in Singapore continued to climb by 15.1%.

We understand the hurdles faced by those who want to get themselves into the global investing place with lower capital; therefore, we aim to serve the unmet market needs better by launching the new promotion to execute further our mission of making investing more accessible by providing the transfer-in offers.

moomoo places technology at the core of its products and services to lower fees and operating costs. The research and development team at Futu SG focuses on in-app features to enhance clients' one-stop investing experiences on moomoo such as real-time quotes, financial stats, market news, community engagement and trading at a low cost.

Futu SG remains fully committed to creating a secure, safe, and transparent investment trading platform for its clients. It has a transparent business model and is actively communicating with customers in explaining the fee structure.”