Fintech
Futu Holdings Records Solid Growth in Q3 with US$247.9 Million Total Revenues
Moomoo’s parent company Futu Holdings Limited (Nasdaq: FUTU) (“Futu”), a leading tech-driven digital brokerage and wealth management platform, reported stable growth for the third quarter ending September 30, 2022, with US$247.9 million (HK$1.95 billion) total revenues, and US$102.7 million (HK$806.1 million) non-GAAP adjusted net income.
Financial and strategic highlights of the third quarter:
- As of quarter end, the total number of users of moomoo and its sister brand Futubull increased 15.6% year-over-year to 19.15 million.
- Total number of registered clients increased 21.4% year-over-year to 3.13 million.
- Total number of paying clients increased 23.8% year-over-year to 1.45 million.
- The number of newly acquired paying clients in the third quarter was 58,000, with approximately 90% of them being from the United States, Hong Kong SAR, Singapore, Australia, etc.
- By the end of the third quarter, the total client assets amounted to US$47.1 billion (HK$369.6 billion). In Singapore, the total client assets increased by 77.8% year-over-year.
- The quarterly client retention rate remained high at 98%.
- Corporate and institutional services continued to thrive with IPO and IR clients totaling 301, an increase of 40% YoY. The number of ESOP clients reached 572, representing an increase of 76% YoY.
- Total client assets in its wealth management business reached US$3.31 billion (HK$25.97 billion) in the third quarter, representing a 46.7% growth YoY. The company has collaborated with 68 world-renowned global financial institutions in offering diverse fund products to clients, with two new partners onboarded this quarter.
“On Celebrating our 10th Anniversary, we are glad to see more profound achievements in entering new markets and expanding our business worldwide. In the third quarter, we continued to achieve solid growth with increasing users and clients joining us. Our unwavering efforts in sharpening technology edge, bringing new features and upgraded products to fulfill unmet demands across various markets are the key to locking in high-level user loyalty for our brands. The client retention rate remained high at approximately 98% during the period.” said Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO and Chairman of the Technology Committee.
In July, major global rating agency Standard & Poor’s reaffirmed Futu’s investment grade long-term issuer credit rating at BBB- and maintained its stable outlook on the long-term rating. S&P highlighted Futu’s capital adequacy, business diversification and expansion strategy to international markets. S&P expected Futu to maintain its risk appetite, underwriting standards, and good loan quality while expanding the business scope and international outreach over the next 24 months.
Futu Reinforces Market Leadership in Hong Kong with Diverse Products and App Features
In the third quarter, Futu reinforced its leading position among digitalized brokerages in Hong Kong and saw its users and clients increase steadily. Futu has been relentlessly ramping up its products and service diversity through technology and operational advancement. The Futubull app introduced several new product features, including Monthly Stocks Savings Plan, which enables clients to take a dollar-cost averaging investing approach, a sought-after feature to minimize the impacts of volatility when investing.
This quarter marked the company’s new subscription service for the government’s Silver Bond issuance in Hong Kong, an investment product designed to provide steady returns for Hong Kong residents aged 65 years and above. Numerous offline service points and a 24-hour hotline smoothed the senior generation’s journey to digital investments.
In the first three quarters of 2022, Futu ranked second among local securities firms in IPO underwriting by providing such services to 23 companies in the Hong Kong market. Futu’s institutional and corporate services brand remains the top choice for companies seeking ESOP solutions, especially those in the healthcare, automotive logistics, TMT, entertainment and cutting-edge technology industries.
Futu’s wealth management business partnered with 68 global fund companies to offer services to various investors, with two new partners onboarded in the third quarter. As of quarter end, alternative assets saw rapid growth with assets under management (AUM) in private equity improving 67.4% sequentially.
Moomoo Singapore Posts Significant Performance in Wealth Management
In Singapore, Moomoo Financial Singapore Pte. Ltd (“moomoo SG”) continued to attract savvy and seasoned investors and increased its AUM by 77.8% YoY. The moomoo investment super-app is used by one-fifth of the local adult population aged 20-70. Moomoo SG responded to the surging need for portfolio diversification amid inflation by launching a cash management solution, Moomoo Cash Plus which enables clients to put their idle cash to work.
The company collaborated with CSOP Asset Management to launch the first T+0 subscription and redemption of USD money market funds. As of quarter end, wealth management AUM in Singapore jumped 408% QoQ and the number of fund investors climbed 203% QoQ.
In the third quarter, moomoo’s institutional and corporate services business continued its growth momentum and provided IR services to companies such as The Place Holdings. Meanwhile, moomoo SG was appointed by Lincotrade & Associates Ltd. as the joint placement agent in the placement for the company.
moomoo SG is committed to the communities it serves in Singapore. It promotes financial education by hosting educational events and seminars. It held the Paper Trading Competition for Charity, enhancing collaboration with institutional and industry partners to promote financial and investing literacy. In July, moomoo SG held its first large-scale in-person seminar with Singapore Exchange. The seminar attended by a packed audience promoted investor education. In August, moomoo participated in INVEST Fair and took the opportunity to highlight the power of financial technology.
Trading Platform Moomoo’s Popularity Grows Rapidly in the US and Australia Thanks to Strong R&D Capability
During the third quarter, moomoo launched several popular new product features to help investors ride the market. This included two significant features—Earnings Calendar and Industrial Chain.
The new Earnings Calendar feature provides quick access for users to stay alert to a company’s earnings call during the busy earnings season. The Earnings Interpretations feature is also available to help investors make more informed investment decisions.
The Industrial Chain is an intuitive feature that enables users to view companies in 16 industries’ upstream and downstream businesses, making it possible for investors to seize investment opportunities and trade like a pro.
In the US, nine YouTubers—including technical analysts, financial influencers and personal finance coaches—participated in moomoo’s September Tutorial Video Challenge by filming their user journey with the app’s new Earnings Calendar feature. These videos gained almost 100,000 votes in total from moomoo users.
Moomoo also collaborated with other renowned financial educators and influencers at FinCon 2022, an influential financial blogger conference in the US. Having established itself in the Bay Area over the last few years, moomoo is dedicated to enhancing brand awareness across the US.
In Australia, moomoo partnered with Macquarie University to launch a national research study, which investigates how sustainable trading education and transparency of corporate social responsibility credentials impact Australian investor behavior. The industry-first study will explore the behavior of multiple groups of investors to understand how face-to-face education or exposure to a company’s ESG score influence a person’s decision to invest. Research participants will use moomoo’s simulated trading environment that reflects actual trading conditions with real market data.
Moomoo also joined the largest online investment summit for financial content creators in Australia—the 2022 Entrepreneur Summit hosted by Henry Wei, which is greatly expanding its presence in the Australian market.
Moomoo and its parent company Futu remain committed to promoting financial literacy, investor education and responsible investing for investors of all levels. A new feature, Study Plan, was launched to help expand users’ financial knowledge base via well-designed investing curriculums. As of quarter end, the company rolled out more than 3,000 courses online in English and Chinese, including 757 articles and 204 videos on moomoo.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
The Ever-Evolving Landscape of Fintech: Top Stories Today
The fintech world continues to thrive with new developments shaping its future. Today’s highlights cover Revolut’s enhanced crypto fraud protections, Bestow’s recognition as a leading fintech company, Advyzon’s CEO receiving a prestigious award, Tyme Group’s global expansion supported by Nubank, and the rise of Israeli fintech startups. Let’s dive into the details and explore the broader implications.
Revolut Steps Up Crypto Fraud Protection
In a significant move to fortify customer trust, Revolut has announced enhancements to its crypto fraud protection systems. Leveraging advanced security risk scores, the company aims to shield users from the growing menace of crypto-related scams. The platform’s new measures will involve deeper scrutiny of transactions, sophisticated algorithms to flag potential fraud, and proactive alerts for unusual activities.
Revolut’s focus on fraud protection reflects the escalating challenges faced by fintech firms operating in the crypto space. As digital currencies gain traction, fraudsters continue to exploit vulnerabilities, necessitating robust security mechanisms. Revolut’s initiative could set a precedent for the industry, emphasizing that user safety is as critical as innovation. However, the success of these measures will depend on striking the right balance between security and user experience.
Source: Coindesk
Bestow Earns a Spot Among Top 100 Financial Technology Companies of 2024
Bestow, a digital life insurance innovator, has been named one of the Top 100 Financial Technology Companies of 2024. This recognition highlights Bestow’s transformative approach to life insurance, combining cutting-edge technology with customer-centric solutions. By simplifying the traditionally cumbersome insurance process, Bestow has made life insurance more accessible and affordable.
The accolade underscores the growing importance of insurtech in the broader fintech ecosystem. Bestow’s achievements signal a shift in consumer expectations—convenience, transparency, and technology-driven solutions are becoming non-negotiable. As insurtech continues to disrupt traditional insurance models, the emphasis will likely shift from mere digital transformation to delivering personalized and predictive services.
Source: PR Newswire
Advyzon CEO Hailin Li Wins ThinkAdvisor 2024 Luminaries Award
Hailin Li, CEO of Advyzon, has been honored with the ThinkAdvisor 2024 Luminaries Award for Fintech Executive of the Year. This award recognizes his exceptional leadership and Advyzon’s commitment to empowering financial advisors with innovative tools. Under Li’s stewardship, Advyzon has excelled in providing comprehensive technology solutions, enabling advisors to deliver superior client experiences.
Li’s recognition highlights the pivotal role of leadership in driving fintech innovation. Advyzon’s success is a testament to how visionary leadership can redefine financial advisory services. As advisors increasingly rely on technology to navigate complex markets, platforms like Advyzon are becoming indispensable. The award also serves as a reminder that the human element—inspired leadership—remains crucial even in a tech-driven industry.
Source: Business Wire
Nubank Backs Tyme Group’s International Expansion
In a strategic move, Nubank has announced an investment in Tyme Group, a digital bank with operations in South Africa and the Philippines. This partnership aims to accelerate Tyme’s growth in emerging markets, leveraging Nubank’s expertise in scaling digital banking operations. Tyme’s unique business model focuses on financial inclusion, catering to underserved populations in developing economies.
Nubank’s investment signifies a growing trend among fintech leaders to expand their footprint in emerging markets. The collaboration between Nubank and Tyme underscores the potential of digital banking to bridge financial inclusion gaps. However, challenges such as regulatory complexities and technological infrastructure limitations in these regions must be addressed to ensure sustainable growth.
Source: Business Wire
Israeli Fintech Startups Gaining Global Momentum
Israel’s fintech ecosystem is making waves internationally, with startups leveraging the country’s robust tech culture and innovation-driven mindset. From payment solutions to cybersecurity for financial services, Israeli fintech firms are attracting significant investments and partnerships globally. This trend reflects the country’s position as a hub for technological advancement and entrepreneurial spirit.
The rise of Israeli fintech startups is a testament to the country’s ability to harness innovation for global impact. However, scaling these ventures beyond local markets remains a challenge. Strategic partnerships and a focus on addressing global financial challenges will be crucial for these startups to cement their position on the world stage.
Source: Calcalist Tech
Broader Implications for the Fintech Industry
- Enhanced Security in Crypto: Revolut’s initiative highlights the need for continuous advancements in fraud prevention. The increasing complexity of scams calls for adaptive security measures that can evolve with emerging threats.
- Recognition Drives Innovation: Bestow’s accolade and Hailin Li’s award demonstrate the power of recognition in fostering innovation. Industry acknowledgment not only boosts morale but also sets benchmarks for others to emulate.
- Global Collaborations: Nubank’s partnership with Tyme Group underscores the importance of cross-border collaborations in fintech. As markets globalize, such alliances will play a pivotal role in shaping the future of financial services.
- Emerging Market Opportunities: Investments in developing economies highlight the untapped potential of these regions. Fintech companies must focus on understanding local needs and challenges to create impactful solutions.
- Tech Hubs as Catalysts: The success of Israeli fintech startups emphasizes the role of regional tech hubs in driving industry growth. Policymakers and stakeholders must nurture these ecosystems to sustain innovation.
The post Fintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank) appeared first on News, Events, Advertising Options.
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