KUALA LUMPUR (Feb 27): Investment and trading app Moomoo, which has made its mark in Singapore, is now in Malaysia, and aims to focus on educating young investors and increasing their participation in the stock market.
Developed by global financial technology group Futu Holdings Ltd based in Hong Kong, Moomoo has secured a capital market services licence from the Securities Commission Malaysia to operate in Malaysia, where Moomoo's management sees "significant potential", due to both the large youth population and current lack of their participation in stock trading.
“We are not here just to [compete] with the local brokers. We are here to actually build the size of the market,” Moomoo Malaysia chief executive officer Ivan Mok told a press conference here on Tuesday.
“The Malaysian market has not been attracting many young people into the [stock trading] market. So, with us working together with the right parties, we will be able to promote stock markets, not just the Malaysian stock [exchange], but access to the global market,” he said.
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Moomoo offers access to over 1,000 Malaysian and 9,000 US stocks, exchange-traded funds (ETFs), artificial intelligence (AI) analytical tools, research resources, advanced charting capabilities, real-time data, and breaking news sourced from over 150 top media agencies.
The platform will also offer zero-commission trading of stocks and ETFs for both Malaysian and US markets for 180 days, following its launch here on Tuesday. The app also offers over 600 complimentary investment courses through Moomoo Learn.
“Malaysia with a relatively young population has seen a growing interest in self-directed investing. The country's commitment to technological development and innovation led us to choose it as the second destination for expanding our presence in Southeast Asia after Singapore,” Futu senior partner and senior vice-president and head of Southeast Asia and Oceania Robin Xu said.
Xu is confident about replicating Moomoo's success in Singapore here in Malaysia, and further enhancing Malaysia's capital market.
Besides US and Singapore, Moomoo also serves investors in Australia, Japan, Canada and now Malaysia.
Prior to its launch here, which was witnessed by Bursa Malaysia Bhd CEO Datuk Muhamad Umar Swift, Moomoo had recorded about 3,000 new accounts registration in the country.
Muhamad Umar said Moomoo will complement Bursa's efforts to enable more Malaysians to participate in the capital market more confidently and effectively.
“Innovations like Moomoo’s super app signify the crucial role that technology and date-driven information play in making investment more accessible and more efficient, by consolidating trading, investing, research, AI-driven tools and data analytics, on a single intuitive app,” he said at the event.