Moomoo’s mascot / Photo credit: Futu Holdings
Hong Kong-based Futu Holdings has rolled out its investment platform Moomoo in Malaysia, marking its second launch in Southeast Asia.
The company’s wholly-owned Malaysian subsidiary has recently won an approval-in-principle from the Securities Commission Malaysia to operate in the country, it said in a statement.
Moomoo’s platform enables users to invest in stocks, exchange-traded funds, and American depositary receipts, among other assets. It also allows clients to trade shares of companies in the US, Hong Kong, and China under a single account.
In addition to Malaysia, Moomoo is available in the US, Singapore, and Australia. The company has onboarded over 20 million users globally since it was founded in 2018.
Malaysia is set to be a “catalyst for growth” for Moomoo, given the country’s business-friendliness, high digital literacy, and educated talent pool, noted Robin Xu, senior partner and senior vice president of Futu Holdings.
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“Following our success in Singapore and other Asia-Pacific markets, we are well-equipped to bring our international know-hows in transforming the digitized investment landscape in Malaysia,” he added.
Moomoo launched in Singapore in 2021 and is regulated and licensed by the Monetary Authority of Singapore.
Editing by Lorenzo Kyle Subido
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