Friday, May 24, 2024

One million Singapore residents are now using moomoo

SINGAPORE, April 15, 2024 /PRNewswire/ — Yes, it’s official. Moomoo Singapore has now surpassed the one million user milestone!

Moomoo Singapore has now surpassed the one million user milestone.
Moomoo Singapore has now surpassed the one million user milestone.

With a resident population of 2.94 million([1]) aged between 20 and 70, over 1 in 3 residents in Singapore in the age range are now moomoo users.

Mr Gavin Chia, CEO of Moomoo Singapore, said: “We are proud to have achieved this significant milestone just three years after our official launch in Singapore. It has been a remarkable journey for all of us at Moomoo Singapore, and we are pleased to share this wonderful news with our valued clients and partners. This achievement would not have been possible without their unwavering support and confidence.”

A launchpad for Southeast Asian expansion

Singapore marked the Moomoo brand’s maiden foray into Southeast Asia and marks a strategic move to expand to a region that’s home to a growing pool of digitally savvy investors.

“We saw a demand from investors in Singapore for smarter and more customised investment and wealth management solutions, and this paradigm shift has presented us with the opportunities to serve their needs. Since our entry into Singapore at the height of the COVID-19 outbreak, we have grown by leaps and bounds. But we are not resting on our laurels. We are now ready to embark on our next phase of growth,” Mr Chia said.

With a wide array of investible products, Moomoo Singapore works with our wide network of partners to curate new and innovative products to meet the diverse investment needs of investors in Singapore. Our money market fund – Cash Plus – for instance, was introduced in response to demand for a product that offers liquidity and competitive returns for idle cash.

“Cash Plus offers investors the flexibility to invest and redeem their funds at any time without penalties, making it an attractive choice for those seeking to earn better returns on their cash holdings while maintaining easy access to their funds,” Mr Chia added. “The AUM for our money market funds grew more than 500% as at December 31, 2023, compared to a year ago, underscoring the immense popularity and strong demand for this innovative product among Singapore investors.”

Today, Cash Plus is Moomoo Singapore’s most popular and fastest growing product, and reflects our responsiveness to the needs of investors in Singapore. In December 2023, Moomoo Singapore collaborated with Fullerton Fund Management to launch Singapore’s first retail SGD cash fund – the T+0 SGD Money Market Fund, with enhanced intra-day liquidity.

The Fund invests in high-quality Singapore government-related bills and bank deposits, with a same-day settlement feature that offers investors even greater liquidity than standard cash management funds. The same-day settlement feature of this fund is a game-changer, offering investors much greater liquidity than standard cash management funds.

“Our focus on improving the customer experience together with new products and services, have been key factors in attracting and retaining users. Following the recent launch of U.S Treasuries and Japanese stocks on our platform, our clients now have even more options to supplement their investment portfolio. We will continue to explore introducing new products to stay ahead of the needs of our clients,” Mr Chia said.

Today, Moomoo Singapore is a launch pad for the brand’s expansion into Southeast Asia. Moomoo Malaysia marked its official launch last month to great fanfare, with more than 120,000 users to date.

Empowering the everyday investor

One of our key focuses has been to incorporate artificial intelligence and machine learning to promote financial education by helping people from all walks of life to improve their financial knowledge and develop critical skills to informed decisions about their financial futures.

We do this through offering a wide plethora of financial educational materials that gives retail investors access to the same top-quality investment tools and insights that was once only available to select groups of investors, such as high-net-worth individuals, and in the process empowering them to take charge of their financial futures with confidence. We also use advanced technology to help us better understand the needs and preferences of our users and consequently in our algorithms to push out content, features, and products to meet their investment objectives.

“As we embark on our quest for the next one million users, we will continue to put our users first. We are constantly looking to introduce more products and features on our platform to help you stay ahead of your investment needs. Thank you for being key to our success and we will continue to serve you better,” Mr Chia said.

About Moomoo Singapore

Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) is an advanced financial technology company transforming the investing experience by offering a digitalised brokerage and wealth management platform – moomoo. Moomoo enhances the user experience with market data, news, and powerful analytical tools. Moomoo also embeds an unique digitalised investment community to connect all users, investors, companies, analysts, media and key opinion leaders.

In Singapore, Moomoo Financial Singapore Pte. Ltd. (www.moomoo.com/sg ) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000). In June 2022, Moomoo Singapore became the first digital brokerage to receive all five memberships from the SGX Group for the securities and derivatives markets.

([1]) Latest data from Singapore’s Department of Statistics, accurate as at 27 September 2023. https://tablebuilder.singstat.gov.sg/table/TS/M810731#!      

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