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:
- As of quarter end, the total number of users of moomoo and its sister brand Futubull increased 15.6% year-over-year to 19.2 million.
- Total number of registered clients increased 21.4% year-over-year to 3.13 million.
- Total number of paying clients increased 23.8% year-over-year to nearly 1.45 million.
- The number of newly acquired paying clients in the third quarter was 58,000, with approximately 90% of them from the United States, Hong Kong SAR, Singapore, Australia, etc.
- By the end of the third quarter, the total client assets amounted to HK$369.6 billion (US$47.1 billion). In Singapore, the total client assets increased by 77.8% year-over-year.
- The quarterly client retention rate remained high at 98%.
- Corporate and institutional services continued to thrive with IPO and IR clients totaling 301, an increase of 40.0% year-over-year. The number of ESOP clients reached 572, representing an increase of 76% year-over-year.
- Total client assets in its wealth management business reached HK$25.97 billion (US$3.31 billion) in the third quarter, representing a 46.7% growth year-over-year. The company has collaborated with 68 world-renowned global financial institutions in offering diverse fund products to clients, with two new partners onboarded this quarter.
Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee, said: "On Celebrating our 10th Anniversary, we are glad to see more profound achievements in entering new markets and expanding our business worldwide. In the third quarter, we continued to achieve solid growth with increasing users and clients joining us. Our unwavering efforts in sharpening technology edge, bringing new features and upgraded products to fulfill unmet demands across various markets are the key to locking in high-level user loyalty for our brands. The client retention rate remained high at approximately 98% during the period."
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."