Futu Singapore, a subsidiary of Nasdaq-listed Chinese online broker Futu Holdings, has joined Singapore Exchange (SGX) Group as a trading member of its securities market.
The Singapore-based subsidiary also joined the group as a clearing member and depository agent of The Central Depository (CDP), as well as a trading and clearing member of its derivatives market.
The latest addition brings the number of trading members and clearing members in SGX Group’s securities market to 27 and 26 respectively. The group’s derivatives market now has 66 trading members and 27 clearing members.
“We are pleased to welcome Futu Singapore as the first digital broker to receive full trading and clearing memberships of our securities and derivatives markets,” says Pol de Win, senior managing director, head of global sales and origination, SGX Group.
“Futu Singapore is primed to play a prominent role in increasing retail participation in Singapore’s market, with millions of users worldwide across Futu Holdings’ investment platforms. We look forward to strengthening our partnership with Futu Singapore to serve the growing retail and institutional demand for SGX Group’s investment and risk management products across the region,” he adds.
Leaf Hua Li, chairman and CEO, Futu Holdings Limited, says, “Receiving all the memberships from SGX Group is a significant milestone for our company as we move toward strengthening our market leading position as a trusted, reliable, stable full-service investment and wealth management superapp, and as the go-to partner for comprehensive financial inclusion and financial literacy.”
See also: Can SGX afford to wait up to a year for reforms?
He adds, “Striking the gong today is representative of a new phase of growth for retail and institutional investor segments using Futu SG (moomoo), where being one of the most trusted and credible financial technology platforms in Singapore and beyond is critical in shaping our service and trading capabilities that are of value to our customers.”
