- The moomoo brand earns increasing global acclaim in Q2
PALO ALTO, Calif., Aug. 24, 2023 /PRNewswire/ -- Moomoo's parent company Futu Holdings Ltd. ("Futu"), a leading tech-driven online brokerage and wealth management platform, released its unaudited Q2 2023 earnings result, posting US$317.1 million total revenues and US$152.3 million non-GAAP net income.
Its global users reached new milestones, with registered users and paying clients hitting 20.53 million and 1.59 million, respectively. As of quarter end, the client retention rate remained at 98%, the total client assets hit US$59.5 billion, and the total trading volume was US$122.5 billion.
Established in California's Silicon Valley in 2018, moomoo strives to be the leading worldwide financial service platform under Futu Holdings. Our mission is to equip investors across the globe with professional-grade yet user-friendly tools, data, and insights. In the second quarter, moomoo continued its growth journey by venturing into Malaysia, marking our presence in a fifth market. This expansion follows our success in the United States, Singapore, Australia, and beyond.
Moomoo Becomes A Strategic Partner of NYSE
During the second quarter, moomoo garnered recognition from an increasing number of global users and partners. The period also marked a significant milestone as moomoo solidified its collaboration, becoming a Strategic Partner of the New York Stock Exchange (NYSE). The partnership aims to help educate investors on financial products, trading and other industry insights, with content from the NYSE.
Moomoo remained steadfast in transforming user experience with technical innovation. In May, moomoo's Research & Development affiliate secured a patent granted by the US Patent and Trademark Office for a new method enabling investors to create and tailor charts via mobile devices. In the second quarter, the moomoo app achieved a pioneering feat by introducing round-the-clock US stock trading in Singapore and Australia, granting investors the ability to trade selected US stocks and ETFs 24/5.
Dedicated to empowering investors of all kinds, moomoo provides complimentary online courses and educational resources aimed at enhancing users' financial acumen and investment expertise. In the second quarter, the click-through rates for Moo Learn's front-page content surged by 21%, while course completion rates witnessed a remarkable 44% increase compared to the previous quarter.
Within Moo Community, the dynamic online platform that brings together kindred global investors, conversations revolving around complex products, like options, saw a remarkable surge of 100%, comparing to the previous quarter.
Technological Edge Gains Recognition Across the Spectrum in Singapore
In Singapore, moomoo achieved a significant milestone with its user base surpassing 800,000, representing nearly 30% of the local adult population. Its client assets surged by 12.5% in just one quarter. Moomoo SG was recognized for its technological prowess, gaining two prestigious awards in the second quarter, including Fintech - Investment & Wealth Management at the Technology Excellence Awards held by Singapore Business Review and Best Payments and Collections Solutions at the Asset Triple A Treasurise Awards 2023.
Collaborating closely with the Singapore Exchange, Moomoo SG introduced a new Singapore Depository Receipt under the Thailand-Singapore DR Linkage and became its largest trading platform.
Meanwhile, moomoo built a thriving community to foster financial literacy and promote the adoption of technology in the investment landscape. Collaborating with top universities, Moomoo SG actively supports academic research exploring the impact of financial technology on investment practices.
During the quarter, Moomoo SG secured a notable role as a sub-placement agent for the IPO of Pasture Holdings Ltd., attracting approximately four times the subscribers as compared to other placement agents. The company was also designated by CSOP Investments III VCC as a participating dealer for the IOP of CSOP iEdge Southeast Asia + TECH Index ETF, registering a subscription amount higher than any other participating dealer.
Amidst these achievements, Moomoo SG's wealth management services in Singapore exhibited robust growth momentum in the second quarter, with AUM going up 41.3% and fund investors climbing 30.1% quarter over quarter.
Moomoo Advances Financial Education Initiatives in Australia and the United States
In the US, moomoo deepened its engagement with investors in financial literacy education. In April, moomoo successfully hosted a paper trading competition with 2,500 participants. Meanwhile, moomoo unveiled a report from its inaugural personal finance survey among its users in the US, raising their awareness of personal financial understanding.
Moomoo also participated in the TradersEXPO in Las Vegas, a prominent trade show for active traders, demonstrating how it empowers investors through its technic innovations. Moreover, moomoo's first investing-themed, in-person event - "Trading with Moomoo," drew enthusiastic participation from the US investors who attended. The event featured valuable insights shared by four prominent financial influencers.
In Australia, moomoo hosted a national paper trading competition as part of its joint ESG research project with Macquarie University Business School.
Moomoo further demonstrated its commitment to corporate social responsibility by delivering lectures at Macquarie University to enhance student financial literacy levels. Over the quarter, moomoo Australia's CEO and strategists featured as regular guest speakers on Ausbiz's TV program and SBS's radio show.
Looking ahead, moomoo remains dedicated to furnishing users with the essential information required for making well-informed investment choices.
Moomoo is an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights. It provides users with the necessary information, advanced charting tools, technical analytics, and Level 2 Data. Moomoo grows with its users, cultivating a community where investors share, learn, and grow together in one place. Moomoo provides free access to investment courses, educational materials, and interactive events that any investor, at any level, can gain from. Users can join forum discussions, trending topics, and seminars to help their investment knowledge and insights.
Moomoo is not just your investment platform. It is your investment journey.