Futu Holdings' Subsidiary, Futu Singapore Received Multiple Approvals-in-Principle and Exempt Financial Adviser Status Regarding Trading, Clearing, and Investment Advisory in Singapore

Rhea-AI Summary

Futu Holdings Limited (Nasdaq: FUTU) announced that its Singapore subsidiary has received in-principle approvals to be a Depository Agent at The Central Depository (CDP) and a Trading and Clearing Member at Singapore Exchange (SGX). Additionally, it has been granted Exempt Financial Adviser status by the Monetary Authority of Singapore (MAS). This expansion enables Futu Singapore to offer trading, clearing, and investment advisory services, reinforcing its position in the Singapore market and enhancing its tech-driven brokerage service offerings.

Positive

• Received in-principle approvals as Depository Agent at CDP.
• Granted Trading and Clearing Member status at SGX.
• Obtained Exempt Financial Adviser status from MAS.
• Expansion into Singapore expected to enhance service offerings.

Negative

• None.

HONG KONG, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that its Singapore subsidiary, Futu Singapore Pte. Ltd., has received the in-principle approvals to be admitted as a Depository Agent of The Central Depository (Pte) Limited (CDP), a Trading Member of Singapore Exchange Securities Trading Limited (SGX-ST) and Singapore Exchange Derivatives Trading Limited (SGX-DT), and a Clearing Member of The Central Depository (Pte) Limited (CDP), Singapore Exchange Securities Clearing Limited (SGX-SC) and Singapore Exchange Derivatives Clearing Limited (SGX-DC). Singapore Pte. Ltd. has also received an Exempt Financial Adviser (EFA) status from the Monetary Authority of Singapore (MAS).

After formal admission into the aforementioned memberships, Futu Singapore Pte. Ltd. expects to provide relevant trading, clearing, and investment advisory services in Singapore. By leveraging its premier products and services, the Company looks forward to further strengthening its presence in the Singapore market.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. The Company primarily serves the emerging affluent population, pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and build a digital gateway into broader financial services. The Company provides investing services through its proprietary digital platform, Futubull and moomoo, each a highly integrated application accessible through any mobile device, tablet or desktop. The Company's primary fee-generating services include trade execution and margin financing which allow its clients to trade securities, such as stocks, warrants, options, futures and exchange-traded funds, or ETFs, across different markets. Futu has also embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu's goal and strategies; Futu's expansion plans; Futu's future business development, financial condition and results of operations; Futu's expectations regarding demand for, and market acceptance of, its credit products; Futu's expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborate with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor inquiries, please contact:

Investor Relations
Futu Holdings Limited
ir@futuholdings.com

FAQ

What approvals did Futu receive for its Singapore subsidiary?

Futu's Singapore subsidiary received in-principle approvals to be a Depository Agent at The Central Depository and a Trading and Clearing Member at the Singapore Exchange.

What is the significance of the Exempt Financial Adviser status for Futu?

The Exempt Financial Adviser status allows Futu Singapore to provide comprehensive investment advisory services, thereby strengthening its market presence.

How does Futu plan to enhance its presence in Singapore?

Futu plans to leverage its premier products and services in Singapore, following its approvals for trading, clearing, and advisory services.

What is Futu's stock symbol?

Futu's stock symbol is FUTU, traded on Nasdaq.