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Futu reaches 15 million global users, reflecting strong international expansion

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Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading, tech-driven online brokerage and wealth management platform, has announced its unaudited financial results for the second quarter ending June 30, 2021 (“Q2”).

In Q2, Futu reached several key milestones. The total number of Futu’s paying clients increased to one million, including 100,000 paying clients that came from Singapore. Another major milestone was that the Company’s stock was added to the MSCI Hong Kong Index. In the same quarter, the Company obtained an investment grade long-term issuer credit rating “BBB-” from S&P Global Ratings, becoming the first online broker in the Asia-Pacific region to have obtained this international rating.

Futu’s corporate services experienced strong growth this quarter. Futu I&E’s IPO and IR clients climbed to 186, with its ESOP solution clients reaching 263 as of June 30, 2021. During the first half of 2021, Futu participated in the underwriting or distribution of all Chinese ADR’s secondary listings in Hong Kong, as well as numerous HK$100-billion Hong Kong IPOs, namely Kuaishou Technology, Baidu Inc., Bilibili Inc. and JD Logistics, Inc.

This quarter, Futu’s wealth management business Money Plus partnered with 50 world-renowned asset managers, establishing seven new partnerships in Q2. Total client asset balance under Money Plus was approximately HK$13.8 billion ($1.77 billion USD), up 59.2% YoY as of June 30, 2021.

[1] Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

Paying clients reached one million, with 80% of newly acquired clients originating from Hong Kong and other overseas markets

In Q2, Futu’s momentum in revenue growth remained strong with a 129.3% year-over-year increase to $203.1 million, reflecting triple-digit growth for six consecutive quarters. Non-GAAP adjusted net income also saw 126.7% YoY growth, reaching $70.9 million.

Brokerage commission and handling charge income increased by 94.8% YoY to $102.7 million; interest income reached $78.6 million, representing an increase of 193.6%; and other income (including wealth management, enterprise services, etc.) increased by 140.5% YoY to $21.7 million.

As of Q2, Futu reached 15.5 million global users, representing a 66.8% increase YoY; the number of registered clients increased by 142.5% YoY to 2.32 million; and the number of paying clients increased by 230.2% YoY, reaching one million. Futu’s client retention rate remained strong at 98% during the first half of 2021.

It is worth noting that net paying clients tripled YoY to approximately 211,000 (Q2 2020: 65,000). With international expansion continuing to accelerate this past quarter, about 80% percent of newly acquired paying clients resulted from the exponential growth Futu has realized in Hong KongSingapore and other overseas markets. As of quarter end, total client assets hit a new high of $64.8 billion (approximately HK$503.2 billion), representing a 253.5% increase YoY. Average client asset balance climbed to about $64,700 (approximately HK$500,000).

The brokerage business maintained steady growth, with total trading volume increasing 104.3% to $169.4 billion. Daily average revenue trades (DARTs) increased by 105.4% YoY to 540,988.

International expansion continued to accelerate, with the number of paying clients in Singapore soaring to 100,000

In Q2, Futu maintained market leadership in Hong Kong, and international expansion continued to accelerate.

In Hong Kong, Futu reinforced its leading position with its diverse investment products, convenient online account opening services, seamless investment experience and trusted reputation among investors of all ages. The number of paying clients in Hong Kong surged by 270% YoY, reflecting three-digit YoY growth for several consecutive quarters. During Hong Kong’s latest round of iBond subscription, Futu received massive support from the market, sharing 12% of total valid applications and 7.5% of the total subscription amount of bonds.

In the US, Futu successfully launched its customized “moomoo Ambassadors” campaign this quarter, as well as other omni-channel marketing strategies. In May, moomoo secured the title sponsorship for Yahoo Finance’s exclusive livestream of the 2021 Berkshire Hathaway Shareholders Meeting. moomoo has gained recognition in the US market for providing a platform where users can join live conversations with industry experts.

Since launching the moomoo app in Singapore in March, Futu has invested in product and service enhancements, including rolling out a local customer support hotline that allows users to stay connected with the market 24 hours a day on trading days and 12 hours per day on non-trading days. To better serve its growing client base, Futu continued to hire local talent to assist in carrying out its global expansion strategy.

Now moomoo is already considered one of the fastest-growing online trading platforms in Singapore and will continue to focus on raising brand awareness among local retail investors and growing its user and client base. In the three months since launching moomoo in Singapore, Futu has amassed over 220,000 users and 100,000 paying clients. Now moomoo has gained tremendous popularity among the local community in Singapore, consistently dominating the top three finance apps in both the App Store and Google Play.

“As an international, tech-driven online brokerage, Futu puts the user experience and needs of its clients first. We are dedicated to driving innovation and providing more user-friendly and state-of-the-art FinTech services to investors. We feel immensely proud of the strong growth we’ve achieved in Singapore and are thankful for all the support we have received from their investing community. Singapore is a key focus of our international expansion strategy, and we are humbled to see that moomoo has attracted such a large customer base in such a short period of time. We are proud of the market traction we’ve gained globally, thanks to our industry-leading products and services,” said Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee.

He adds, “Looking ahead, we are devoted to catering to the evolving needs of the Singapore market and look forward to deepening our relationship with local industry partners, while promoting financial literacy and driving innovation within the FinTech industry.”

Supported new enterprises in their IPO or secondary listing journeys, serving nearly 450 corporate clients to date

Our enterprise business, Futu I&E, continued to support corporate clients by connecting companies to investors throughout their entire IPO journey—from IPO distribution to IR & PR services, ESOP services, and building brand trust.

As of quarter end, Futu has provided IPO distribution and IR services to 186 companies, reflecting its competitive strengths in IPO distribution and capturing the upsurge of the IPO frenzy in Hong Kong. Futu I&E participated in the underwriting or distribution of all HK$100-billion IPO listings and Chinese ADRs secondary listings in Hong Kong. As of this quarter, there are 26 companies on Futu’s HK$10B+ ($1.28B+ USD) Subscriptions IPO Roster, including JD Logistics Inc., Angelalign Technology Inc., Nayuki Holdings Ltd. and CARsgen Therapeutics Holdings Ltd.

Futu’s collaborative and engaged community rose to the forefront in Q2, with 600 companies joining the Futu Page, Futu’s enterprise accounts for listed companies, including Haidilao International Holdings Ltd., Sunac China Holdings Ltd., Angelalign Technology Inc., China Unicom (HK) Ltd., and China Gas Holdings Ltd.

“Futu is committed to deepening its presence in the Hong Kong market and has demonstrated its strengths in IPO distribution and IR services. Our mission is to better serve promising Chinese enterprises seeking an IPO or secondary listing in Hong Kong, made possible through our unparalleled solutions and services, which range from IPO subscription, setting up their Futu Page accounts, running virtual roadshows and facilitating briefing sessions. Futu is well-positioned to connect listed companies with high-quality retail investors and facilitate meaningful exchanges about corporate values and business prospects. As more companies look to gain a foothold in the Hong Kong market, working with us will allow those enterprises to step into the spotlight, which will further amplify the value and advantages of the Hong Kong stock market,” said Mr. Li.

As of quarter end, Futu I&E has provided ESOP solutions to 263 corporate clients from various sectors, namely healthcare, consumer retail and leading technology. Futu also added market leaders, such as Yidu Tech Inc., Simcere Pharmaceutical Group Ltd., Pop Mart International Group Ltd., and Nayuki Holdings Ltd. to its client roster. By providing one-stop ESOP services that support companies with scheme design, trust building, vesting and exercising, and foreign exchange registration, Futu I&E has become the preferred ESOP solutions provider in the market.

Wealth management business experienced surge in growth from teaming up with 50 reputable financial institutions

Thanks to the diverse product offering of Futu’s Money Plus—including transparent fund reports, an unparalleled investing experience and zero subscription fees—Futu’s wealth management business has continued to earn clients’ trust. As a result, Futu experienced significant growth, becoming a popular wealth management platform across Hong Kong and other markets. As of quarter end, total client asset balance under Money Plus grew to $1.77 billion, up 59.2% YoY.

In Q2, Futu Money Plus teamed up with 50 reputable financial industry partners and established new partnerships with seven asset managers, including Goldman Sachs Asset Management, Eastspring Investments, UBS Asset Management, Principal Global Investors, Matthews Asia, Columbia Threadneedle Investments and Man Investments.

Additionally, Futu became the sole distributor for the sale and distribution of an exclusive fund last quarter—the ChinaAMC Select Greater China Technology Fund—for those seeking investment in China-related technology companies. Following the exclusive sale of the Hong Kong dollar share of Fullgoal China Small and Medium-Cap Growth Fund, Futu once again obtained the exclusive right to sell products from well-known fund companies, confirming Futu Money Plus’s platform strength and market recognition.

Futu partnered with 11 fund companies to conduct a live roadshow this past quarter, which generated over 2.4 million views. Money Plus also successfully held its first Investment Strategies Webinar, which brought together a group of investing and research experts from several world-renowned asset management institutions, including BlackRock, China Asset Management, Baring, and Harvest, to share investment news, strategies, and perspectives to more than 20,000 viewers.

Futu Money Plus also upgraded its services to further enhance the fund investment experience. Most notably, Futu developed an auto-redemption feature for money market funds, which can be directly used for IPO subscription, trading stocks and funds, paying financing interests and currency exchanges and more seamlessly transitioning idle cash between investing and trading.

Fintech PR

Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

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Fintech PR

Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

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Affordability, customisation and convenience: Term plans from India become more attractive and accessible for NRIs

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Term insurance from India emerges as preferred choice for NRIs seeking affordability and convenience

DUBAI, UAE, March 29, 2024 /PRNewswire/ — Policybazaar, India’s leading online insurance marketplace, is witnessing a significant increase in non-resident Indians (NRIs) choosing term insurance from India via its platform. This surge is driven by the unparalleled ease, affordability and accessibility offered by the Indian insurance market. While several factors contribute to the growing interest in term insurance in India, affordability and convenience stand out as primary reasons. The demand among the 18-60 age group has seen an impressive 130% year-on-year growth, with India emerging as the preferred choice for NRIs.

The surge in demand from NRIs can be credited to several standout features and benefits. Term policies from India cost up to 30-50% less for NRIs residing in the UAE and Singapore. Additionally, policies with coverage of up to INR 5 crores can be easily obtained with tele-medical check-ups from India, eliminating the need for physical visits. Unlike some countries with restricted policy terms and coverage, Indian term plans offer coverage for longer duration, extending up to 99 years.

Sarbvir Singh, Joint Group CEO, Policybazaar, states, “We are witnessing exponential growth in term insurance purchases from NRIs, particularly from the Gulf nations and Singapore. Policybazaar has focused its efforts on expanding term insurance protection in both Indian and overseas markets. The unmatched benefits offered by India, including competitive pricing, larger covers, and streamlined processing through video/tele medicals, are significant contributors to this demand. It is heartening to see NRIs realizing the importance of securing their dependents’ future and choosing Indian term insurance policies.”

Term Insurance for a 35 year old male, non-smoker
Policy term – 30 years

Country

India

UAE

Cover Amount

INR 2 Cr / AED 881 K

AED 900 K

Max Cover Upto

99 years

80 years

Premium in AED

AED 977.8

AED 1,539

Premium in INR

INR 22,193.00

INR 34,892.00

Free Add-ons

Early Payout on Terminal Illness + Waiver of Premium

Price Benefit

36% cheaper in India

Source: Policybazaar.com

NRIs are also eligible for 18% GST exemption* upon purchasing term insurance plans from India, when paying via their NRE accounts. This attractive pricing, along with the availability of longer-term plans, has led to a rise in demand among NRIs, especially from Gulf nations, where 65% of term insurance buyers hail from, with the UAE alone contributing 35%.

Rhishabh Garg, Head of Term Insurance at Policybazaar, adds, “The evolution in the Indian term insurance industry is marked by innovative offerings designed to meet the distinct needs of consumers overseas. The consumer-centric features in term plans from India are increasingly appealing to NRIs, which include return of premium at no extra cost, early pay-outs for terminal illness, premium waivers for permanent disability, and immediate pay-out of up to INR 2 lakhs on claim intimation for immediate obituary expenses.”

The accessibility of these plans is further enhanced through seamless processing for NRIs, whose average annual income exceeds INR 35 lakhs. Insurers now also offer a sum assured of up to 5 crores, ensuring adequate coverage based on Human Life Value (HLV) calculations. NRIs can also leverage Policybazaar’s search and comparison engine to browse the best suitable plans as per their needs and preferences.

With a commitment to providing comprehensive coverage and protection, Policybazaar continues to redefine the landscape of term insurance for NRIs, empowering them to secure their loved one’s future with peace of mind. As NRIs continue to seek comprehensive coverage and value-driven solutions, Policybazaar remains dedicated to delivering innovative term insurance products and services tailored to their evolving needs.

*Tax benefits are subject to change in tax laws

About Policybazaar.com

Policybazaar.com is one of India’s largest insurance marketplace. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and lending & insurance marketplace in the UAE region, Policybazaar.ae. Policybazaar.com started with the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.

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