moomoo SG emerges as wealth management platform with five-fold increase in AUM; as parent company's net income surges 24.8% YoY to HK$806.1 M in Q3
SINGAPORE, Nov. 23, 2022 /PRNewswire/ -- Singapore's leading digitalized brokerage and wealth management company Moomoo Financial Singapore Pte. Ltd.'s ("moomoo SG") parent company Futu Holdings Limited (Nasdaq: FUTU; "Futu"; the "Group"), had announced its third-quarter earnings report earlier this week. As of the end of September 30, 2022 ("Q3" or the "Period"), Futu recorded HK$1,945.6 million (US$247.9 million) total revenues, and non-GAAP adjusted net income increased 24.8% year-over-year to HK$806.1 million (US$102.7 million), which represented as stable growth under the fluctuating market.
At the Group level, financial and operational highlights for Q3 2022 are as follows:
Wealth Management Business Skyrockets with More Than Quadrupled AUM on moomoo
In the third quarter, new paying clients from Singapore increased by about one-third sequentially with the launch of online and offline marketing campaigns with low-risk mutual fund products and expanded client acquisition channels. Moomoo Cash Plus's wealth management asset balance grew five-fold sequentially following further expanded fund offerings and upgraded product features. The platform launched SmartSave that allows clients to automatically subscribe for and redeem SGD- and USD-denominated money market funds, which has seen increasingly attractive returns amid interest rate hikes.
The Group collaborated with CSOP Asset Management ("CSOP") to launch the first T+0 subscription and redemption USD money market fund. As of quarter end, wealth management AUM in Singapore jumped 408% QoQ; the number of fund investors climbed 203% QoQ.
As the investment super-app chosen by one-fifth of the local adult population aged 20-70, moomoo continued to attract savvy and seasoned investors, with overall client's AUM increasing by 77.8% year-over-year.
Moomoo strives to promote financial literacy online and offline to empower Singapore investors
Moomoo and its parent company Futu remain committed to promoting financial literacy, investor education and responsible investing for investors of all levels. A new feature, Customized Study Plan, was launched to help expand users' financial knowledge base via well-designed investing curriculums. As of quarter end, the company rolled out more than 3,100 courses online in English and Chinese, including 757 articles and 204 videos on moomoo.
Moomoo SG endeavored to contribute to the communities in Singapore. In addition to holding Paper Trading Competition for Charity, it enhanced collaboration with institutional and industry partners to promote financial and investing literacy. It held the first large-scale offline seminar with Singapore Exchange Limited (SGX) in early July to promote investor education. The seminar was attended by a full house. In August, moomoo SG also participated in INVEST Fair and took the opportunity to showcase the power of financial technology.
Moomoo's institutional and corporate services business continue to flourish
In the third quarter, moomoo's institutional and corporate services business continued its growth momentum and provided IR services to companies such as The Place Holdings. Meanwhile, moomoo SG was appointed by Lincotrade & Associates Ltd. as the joint placement agent for the company's share placement.
Mr Gavin Chia, Managing Director of moomoo SG said: "Moomoo SG had significant performance in wealth management this quarter as we continue to serve one-fifth of Singapore's adult population aged 20-70. With ongoing inflation challenges, it's encouraging to see many Singaporeans taking control of their financial future by looking for ways to preserve or even grow their wealth with our cash management solution, moomoo Cash Plus. Looking ahead, moomoo SG will continue to leverage technology and innovation to further diversify our product offerings to fit the diverse appetites of local investors and emerge as local's first choice wealth management platform."
SOURCE Moomoo Financial Singapore Pte Ltd.
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