Futu Holdings Limited, an online brokerage and wealth
management platform, announced the completion of a HKD440 million investment in
Gravitation Fintech HK Limited.
Gravitation Fintech is the parent company of Airstar Bank, a
licensed virtual bank in Hong Kong. Following this investment, Futu now holds
an indirect 44.11% stake in Airstar Bank, making it the second largest
beneficial owner of the bank.
Boosting Stake in Virtual Banking Sector
Futu Holdings is known for its technology-driven approach to
financial services. The company offers fully digitalized investment services
through its platforms, Futubull and moomoo. These platforms provide a range of
services including trade execution and clearing, margin financing, securities
lending, and wealth management.
In addition to investment services, Futu’s platforms feature
embedded social media tools. These tools help create a network for users,
investors, companies, analysts, media, and key opinion leaders. Futu also
offers corporate services such as IPO distribution, investor relations, and
Employee Stock Ownership Plan solutions.
Introducing 24-Hour Trading for US Stocks
Moomoo, the trading app by Futu, has
expanded its services in Singapore and Australia by introducing 24-hour
trading for US stocks, as reported by Finance
Magnates. It has enabled users to trade over 100 US stocks and ETFs around
the clock for five days a week.
Previously, Moomoo supported 16-hour US trading daily,
including regular and pre/post-market hours. The new feature extends trading
hours, allowing users in Australia to access markets from 10 AM Monday to 10 AM
Saturday (AEST) and in Singapore from 8 AM Monday to 8 AM Saturday (SGT).
This move marks Moomoo’s pioneering 24-hour trading in both
Singapore and Australia, following similar services launched in Hong Kong.
Despite offering 16-hour US trading, Futu, listed on Nasdaq, continues to
provide mainland Chinese residents access to US and Hong Kong stocks.
However, Chinese regulatory pressures have led to
adjustments, including the removal of the Futubull app from Mainland China’s
app stores, while existing clients retain access to the platform.
This article was written by Tareq Sikder at www.financemagnates.com.
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