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Tapping on the boom
StarAsean+ SINGAPORE Tapping on the boom
SINGAPORE: Nasdaq-listed Chinese online Tencent-backed Futu riding on retail trading frenzy broker 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 brokers 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 Robinhood, 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 Interactive Brokers 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