With the new offering, users in Singapore can seamlessly transfer funds from their overseas bank accounts to Singapore Dollars (SGD) with no hidden fees or exchange rate mark-ups
SINGAPORE, May 10, 2023 /PRNewswire/ — Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) and Wise, the global technology company building the best way to move money around the world, today announced a partnership to offer users a cost-effective, faster and convenient way to deposit money into their trading accounts via the moomoo application.
Moomoo Singapore users can now choose to deposit through Wise, which enables them to convert their local currency to Singapore Dollars at the real mid-market exchange rate, free from hidden fees and mark-ups.
With this new integration, powered by Wise Platform’s APIs, moomoo users can now save more money on transfer fees when initiating a deposit through Wise. Users are also able to see the real mid-market exchange rate as reflected on the Bloomberg Index, Google and Yahoo Finance websites. Wise Platform is Wise’s infrastructure offer, which lets banks and businesses embed the Wise API into their existing infrastructure to power low-cost and fast cross-border payments for their customers.
Moomoo Singapore is an all-in-one investment platform that allows users to invest in stocks (US markets, SGX, HKEx, SH-HK Stock Connect and SZ-HK Stock Connect), mutual funds, bonds, exchange traded funds and U.S. options through the moomoo app. By integrating with Wise Platform, Moomoo Singapore users can now choose to deposit through Wise, which enables them to convert their local currency to Singapore Dollars at the real mid-market exchange rate, free from hidden fees and mark-ups.
Within the platform, users can select ‘Transfer via Wise’ and have the option to fund their deposits through Wise Balance or Bank Transfer through Wise. Users can also see the single, upfront fee and the real mid-market exchange rate before making the transaction. In addition to the transparent fees, users will also be able to benefit from this quick and easy service where more than half of transfers globally sent through Wise are completed almost immediately*.
Gavin Chia, Managing Director, Moomoo Singapore, says: "We’re committed to providing an easy-to-use, seamless platform for users to manage their portfolios across multiple markets. Our partnership with Wise will enable both existing and new Singapore moomoo users access to fast transfers and lower transaction fees, allowing them to take advantage of timely trades and better manage their wealth. We look forward to working closely with Wise to offer a smarter, faster and more reliable experience for our users."
Dan McCarthy, Head of Partnerships, Asia Pacific, Wise Platform, says: "Wise and Moomoo Singapore have a shared goal to provide a fairer, more transparent investing experience for everyone. We are thrilled to partner with Moomoo Singapore to provide users with greater visibility and control over their personal finances, where they can now see exactly how much they are paying to fund transfers from their linked Wise accounts, without worrying about hidden fees in inflated exchange rates or dealing with slow transfers."
Globally, Wise Platform is live with more than 60 banks and businesses across the world, allowing them to leverage Wise’s technology and embed the best way to send, receive and manage money internationally.
About Moomoo Financial Singapore Pte. Ltd.
Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) is a wholly owned subsidiary of Futu Holdings Limited (NASDAQ: FUTU), which is an advanced financial technology company transforming the investing experience by offering a digitalized brokerage and wealth management platform – moomoo. Moomoo enhances the user experience with market data, news, and powerful analytical tools. Moomoo also embeds social media tools to provide connectivity to all users, investors, companies, analysts, media and key opinion leaders.
In Singapore, Moomoo Financial Singapore Pte. Ltd. (www.moomoo.com/sg) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000). In June 2022, Moomoo Singapore became the first digital brokerage to receive all five memberships from the SGX Group for the securities and derivatives markets.
About Wise Platform
Wise is a global technology company, building the best way to move money around the world. Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers.
*Denotes arriving in less than 20 seconds