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Tapping on the boom

StarAsean+ SINGAPORE Tapping on the boom

SINGAPORE: -listed Chinese online -backed Futu riding on retail trading frenzy Futu Holdings Ltd is aiming to tap a retail investor trading boom in South-East 'That's where there's strong demand and Despite some consolidation that saw the lion users ^obally, launched its zero-com­ Asia with Singapore as a home base to expand not many competitors?' likes of Charles Schwab leave the market, mission, retail-focused trading app in the in the region. Online like Futu, China's version of Singapore still has at least 10 local brokers city-state last week when it opened its office The Tencent Holdings Ltd-backed company the US favorite , have profited from serving retail traders alongside behemoths for business. opened an office in Singapore last week, a the retail mania that grew from the pandemic. such as Group Inc and TD Investors can trade Singapore, Hong Kong market seen as a key driver of its international Bored, stuck-at-home individuals found sol­ Ameritrade. and US stocks on the tradhig platform. expansion alongside the US, Gavin Chia, direc­ ace in low-commission trading apps, even The company forecasts winning 700,000 The US market is the “most popular" with tor for Futu Singapore Pte said in a recent using them to challenge institutional inves­ new paying clients for its online brokerage existing clients in Singapore showing contin­ interview. tors. Futu shares have more than tripled this business in 2021, a 135% growth, with ued interest in tech and gaming stocks, Chia It's currently looking at Malaysia and year after soaring 343% in 2020, amplifying Singapore and the US accounting for 20%, Li said. Thailand to expand, he said. founder Leaf Hua Li*s fortimes. said separately at a virtual results briefing Not only are the so-called FAANG shares "More people are working from home and The company chose Singapore as its South­ yesterday. and Tesla Inc among the favourites, "clients they are trading. In Singapore, all the broker­ East Asian headquarters because of the coun- Most of its revenues come from users in in Singapore love to buy Disney shares ages are doing well with revenues rising three try*s support for the technology sector and the Hong Kong and mainland China. whenever there,s a new movie popping up,” to five times year-on-year,M Chia said. high smartphone adoption rate, said Chia. Futu, which said it has more than 13 mil­ he added. 一 Bloomberg