PALO ALTO, Calif., Nov. 23, 2023 – Moomoo’s parent company Futu Holdings Ltd. (“Futu” or the “Company”), a leading tech-driven online brokerage and wealth management platform reported unaudited Q3 2023 earnings with US$338.5 million in revenues, up 36.2% year-over-year (“yoy”), and US$147.9 million in non-GAAP net income, a 43.7% yoy increase.
Moomoo, along with its sister brands reached a milestone of 21.09 million global users and 1.65 million paying clients by the end of Q3 2023, representing an increase of 10.1% and 14.2% yoy, respectively. The quarter has also seen a sequential growth of 12.0% in the acquisition of new paying clients, totaling approximately 65,000.
As of September 30, 2023, moomoo and its affiliated brands maintained a strong client retention rate at above 98.0%, with total client assets reaching US$59.8 billion, demonstrating significant client confidence. Moreover, the total trading volume has seen a sequential rise of 13.6%, reaching US$139.2 billion.
In August, Standard & Poor’s (“S&P”) reaffirmed Futu’s long-term issuer credit rating “BBB-“, endorsing the firm’s strong capital structure and effective risk management. In the corresponding report, S&P predicted Futu’s customer base would grow, particularly abroad, in line with its global expansion goals over the next two years.
Moomoo marks a new milestone by unveiling new trading features in Canada and Japan
Moomoo, a leading global financial service brand of Futu, operates across the US, Singapore, Australia, Japan, Canada and beyond. During the third quarter, moomoo launched US stock trading services in Japan and Canada, marking a major step in its global expansion journey.
Commencing on September 19, Moomoo Japan (“Moomoo JP”) opened its doors for Japanese investors to engage with roughly 7,000 US stocks and ETFs on its platform, offering one of the most extensive collections of tradable US shares in Japan’s market.
Following this, starting on September 21, moomoo extended its services to Canadian investors, enabling them to trade US stocks through its user-friendly and cost-effective platform. Moomoo Financial Canada (“Moomoo CA”) is a member of the Canadian Investment Regulatory Organization and Canadian clients of Moomoo CA are protected by the Canadian Investor Protection Fund. Moomoo CA is one of the few Canadian brokers that support 16-hour trading from as early as 4 am ET to as late as 8 pm ET, covering both pre-market and after-hours sessions for each trading day.
Moomoo reinforces its leadership in Singapore with bolstered growth momentum
In just over two years since launching in Singapore, Moomoo Singapore (“Moomoo SG”) has swiftly risen to become a leader among digital investment platforms, claiming the top spot in both accumulated download count and Daily Active Users (DAUs), according to open data reports [1].
As of the end of the third quarter, Moomoo SG reported over 25.0% growth yoy in paying clients. Additionally, Moomoo SG has been recognized as the leading digital brokerage in The Straits Times’ Singapore’s Best Customer Services for 2023/24.
In July, Moomoo SG hosted its biggest yearly offline event, MooFest, with supports from the Singapore Exchange (SGX Group), Securities Investors Association (Singapore) (SIAS), and several fund houses. The event attracted a thousand tech-savvy investors eager to discuss the use of technology for profit. Additionally, Moomoo SG’s presence at the Invest Fair significantly raised its profile among an older demographic of seasoned investors.
In the third quarter, moomoo launched Turnkey Asset Management Platform (TAMP) service in Singapore, providing independent wealth management firms and family offices with state-of-the-art operational tools essential for client service, thereby enhancing the operational efficiency of financial advisors.
Moomoo increases omnichannel marketing efforts to foster brand influence in the US and Australia
During this quarter in the US, moomoo App was named the Best Mobile App in August 2023 in the Business & Finance Apps category by Best Mobile App Awards [2]. As an intuitive investment and trading app that empowers global investors with pro-grade, easy-to-use tools, data, and insights, moomoo accumulated the most votes to help secure the award.
The US team attended the 5th US-China Business Forum organized by Forbes, sharing the online brokerage platform’s viewpoints on retail investors and their investment trends in various markets. The team co-hosted a sold-out event with Black Women Invest. The event was aimed at educating the under-represented demographic in investments and at boosting financial literacy.
In Australia, moomoo has expanded its media visibility, emerging as an Aussies’ go-to platform for US stock trading, prominently featured in top Australian newspapers. Moreover, moomoo partnered with the Stockbrokers and Investment Advisers Association to offer online educational programs for professional financial advisors.
To address the investment and personal finance education needs of the younger demographic, moomoo team conducted educational seminars at Newcastle University in Australia, building upon its prior collaborative efforts with Macquarie University.
Moomoo boots product edge globally, enabling investors to seize market trends
In the third quarter, moomoo expanded its offering to include multi-leg options rollover for US stocks in the US and Singapore markets and brought US fractional share trading to Singapore. In Australia, moomoo initiated over-the-counter (OTC) US stocks trading and Automated Customer Account Transfer Service (ACATS), widening its investment services array.
Moomoo JP also started offering trading with tax-reporting accounts (Tokutei Kouza) for US stocks in Japan’s market and introduced cross-currency trading with cash accounts, enabling investors to leverage JPY buying power to trade US stocks.
Moomoo has enhanced its analytical capabilities by adding quotes for Malaysian stocks and futures, along with Russell index data. With over 40 new technical indicators added in the third quarter, investors now have access to a suite of over 100 indicators and 38 drawing tools for improved investment analysis.
Moomoo’s R&D team has introduced an innovative feature that simplifies algorithmic trading for investors, irrespective of their programming skills. This tool enables both novice and experienced individuals to create, backtest, and implement their algorithmic trading strategies to live trading with ease on their PCs.
During the third quarter, the moo community’s total engagement and user-generated content soared with a 60% increase sequentially, reflecting a strong community spirit. Moomoo continues to personalize its educational content, aligning with local trends and investment basics. Notably, the Moomoo Learn platform in Japan saw a 30% increase in user activity, underscoring the success of its tailored educational approach.
