China Online Brokerage Expands Into Malaysia, Offers Moomoo Super App
KUALA LUMPUR, Feb 27 (Bernama) -- Extending its reach into Southeast Asia, Futu Malaysia Sdn Bhd, the Malaysian arm of fintech company Futu Holdings Ltd has designated Malaysia as its second destination for expansion after Singapore in 2021.
Established in 2012, Futu Holdings is a China-based brokerage offering Hong Kong and United States (US) stock market services to mainland Chinese investors and is seeking to expand to other countries as part of its global expansion plan.
Chief operating officer Dennis Jee said Malaysia's flourishing fintech landscape and supportive regulatory framework provide a clear demand for innovative investment solutions.
"We see Malaysia’s potential and are confident that we can replicate the success we have in Singapore and work hand-in-hand with investors and market participants to further enhance Malaysia's capital markets and financial infrastructure competitiveness,” he told reporters after launching the trading platform Moomoo MY here on Tuesday.
Moomoo, already established in Australia, Canada, and Japan, received approval from the Securities Commission Malaysia for a Capital Market Services Licence.
Jee said this permits Moomoo MY to provide securities and derivatives trading and clearing services.
The app offers more than 1,000 Malaysian and over 9,000 US stocks, exchange-traded funds (ETFs), and other resources.
Users who open a Moomoo MY brokerage account until March 31, 2024, will enjoy zero commission trading for 180 days only, the statement said.
Jee said the company aims to promote information equality, making investment and wealth management more accessible, which creates value for local investors and capital markets.
While online trading platforms are becoming increasingly competitive, Jee said Moomoo’s offerings will set it apart as it empowers investors to become informed and confident decision-makers.
“From managing investments in Malaysia and the US to researching stocks, connecting with fellow investors and mastering new strategies, Moomoo offers a suite of functionalities within a single, intuitive app,” he said.
Earlier in his keynote address, Jee said Moomoo MY is rolling out exclusive promotions and perks for Malaysian investors, starting now until March 31, 2024.
He said new users with a Moomoo MY universal account and a US$1,678.54 (RM8,000) deposit will be eligible for a free Apple share, while those with a cumulative deposit of RM500 will receive a cash reward of RM100. (US$1 = RM4.76)
-- BERNAMA
