- Briefing Your roundup of Asian tech and startup news that matter
Doris Yu · · 1 min readTencent-backed Chinese trading app chooses Singapore as regional base
“Chinese online broker Futu Holdings is setting up a base in Singapore to tap a retail investor trading boom in Southeast Asia,” reported Bloomberg.
Details:
- Futu also launched its trading app in the city-state when it opened its local office last week.
- Singapore will serve as a driver for the firm’s international expansion. It currently looking to expand to Malaysia and Thailand, said Gavin Chia, director for Futu Singapore.
Context:
- Chia said Futu chose Singapore as the headquarter in Southeast Asia because of the country’s support for the tech industry and its high smartphone adoption rate.
- With over 13 million users globally, the Tencent-backed company expects to acquire 700,000 new paying users for its online brokerage business this year. Currently, Hong Kong and mainland China markets contributes most of its revenue.
Editing by Miguel Cordon
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
