Moomoo (company)

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Moomoo
IndustryRetail Stock Brokerage
FoundedJanuary 19, 2018; 6 years ago (2018-01-19) in Palo Alto, US
FounderLeaf Hua Li
Number of locations
Key people
  • Cloris Du
  • (Head of US Business)
  • Keith Chan
  • (CEO)
  • Nate Palmer
  • (President)
ServicesRetail Stock Trading
Number of employees
110 (2023)
ParentFutu Holdings
Websitemoomoo.com

Moomoo is a global investment and trading platform, providing investors with professional research data and analysis tools. The platform provides users with the information and tools to make investment decisions.

Founded in Palo Alto, California in 2018, Moomoo operates globally and serves investors in the United States, Singapore, Australia, Japan, Canada, and Malaysia. Moomoo and its sister brand have over 21 million users, enjoying their biggest successes in the North American and Asian markets where in Singapore, 1 in 4 adults are Moomoo users.

History[edit]

Moomoo was founded in 2018 in the global tech hub of Silicon Valley. The company was licensed to trade by the SEC on January 19th, 2018. The company was approved to trade in all 50 states and several US territories.[1]

The company is an advanced fintech company upgrading the investing experience by offering fully digitalized financial services in multiple market, which offers stocks, EFT's, options, and futures while generating revenue from foreign exchange fees, margin trading and derivatives. Meanwhile, Moomoo offers market data, financial news, interactive social features, and investor education on its proprietary one-stop digital platforms Futubull and Moomoo. Their model is similar to Robinhood which offers trading for little or no fee.[2][3]

The company operates internationally with offices in Japan, Australia, Canada, USA, Singapore and Malaysia.[4]

Singapore[edit]

Moomoo made its first expansion into the Asian markets with the launch of trading in Singapore in 2021.[5][6][7] In doing so, Moomoo Singapore became the first technology brokerage in Singapore to obtain all five SGX Securities and derivatives membership qualifications.[8][9]

In 2023, the company expanded trading from a 16-hour window to a 24-hour model known as 24/5. The expanded trading hours allows investors in Singapore to trade a list of more than 100 US stocks and ETFs, both day and night. This initiative offers investors greater flexibility to trade based on market-moving events that happen outside of regular trading hours.

Moomoo Singapore continues to attract new investors in Singapore, with the client's AUM increasing by 45.4% year-over-year. Its local user number has exceeded 25% of the city-state's adult population.[10]

On 9 November 2023, Moomoo was pleased to be named the Best Retail Broker in Singapore by Singapore's Securities Investors Association.[11]

In February 2024, Moomoo Singapore became the first digitized brokerage in Singapore to receive approval for a major payment institution license in digital payment token services.[12]

Australia[edit]

In March 2022, Moomoo announced its official launch in Australia. Australian individual investors can use Moomoo app to trade stocks and ETFs listed on Australian and US markets. On October 2022, Moomoo launched the Hong Kong shares trading feature due to client demand in Australia. In June of 2023, the company launched 24-hour simultaneous US trading in Australia and Singapore. It enabled investors to trade over 100 selected US stocks and ETFs 24 hours a day, five days a week.[13][14][15]

Amid the high interest rate environment in Australia, intuitive investment and trading platform Moomoo introduced Cash Plus, a cash management feature that sees the interest rate for eligible new clients' uninvested cash balances increase to 6.8% per annum.

Moomoo was named Online Broker Rising Star Gold Winner at Money Magazine's recent 2024 Best of the Best awards. The award recognises moomoo as a leading trading platform in providing Australian investors with access to global markets and a host of innovative trading tools to support their trading and investing journeys.[16]

Japan[edit]

Moomoo launched in Japan in October of 2022. Moomoo Japan provides investors with access to over 7,0000 US stocks and a suite of trading tools, including Capital Flow Overview, Short Sale Analysis, and Institutional Tracker. 24-hour trading was introduced for a limited number of stocks and ETFs in 2023. Moomoo Japan launched trading of Japanese stocks; local investors can trade more than 4,000 Japan stocks, ETFs, ETNs, REits listed on the Tokyo Stock Exchange.

Moomoo Japan holds the Financial Instruments Business Operators Licence and has memberships in the Japan Securities Dealers Association and Japan Investment Advisers Association.[17]

Malaysia[edit]

In May of 2023 the company announced its launch in the Malaysian market, becoming the second market in South East Asia for Moomoo.[18][19] Moomoo MY is among the first digital brokerage firms granted the Capital Market Services License by the Malaysian Securities Commission.

In March 2024, Moomoo Malaysia, onboarded more than 30,000 clients within a week of its launch in the market. Moomoo Malaysia's rapid adoption ushered in a new era of accessible and technologically-driven investing in Malaysia.

Canada[edit]

In September of 2023, Moomoo launched in Canada. Moomoo Financial Canada Inc. announced its acceptance as a Toronto Stock Exchange and TSX Venture Exchange non-trading member, effective March 29, 2024.[20][21]

Moomoo launched a self-directed Registered Retirement Savings Plan and Tax-Free Savings Account at the end of 2023. Together with cash account and margin account, Moomoo now offers 4 types of accounts in Canada, providing Canadian investors with more diversified trading choices.

Canadian users have free access to 100+ indicators with advanced drawing tools, free detailed analyst ratings from over 4000 Wall Street analysts, and free 24/7 financial news from credible sources including Bloomberg and Dow Jones. Depositors enjoy Level 2 quotes for US and Canadian stocks for free.[22]

Controversies[edit]

GameStop[edit]

There were calls from members of US Congress to investigate Moomoo and Chinese involvement with the run on GameStop's stock and halt in trading by Robinhood. According to Fox News, Moomoo"s executing brokers did also temporarily halt trading of GameStop stock.[23][24][25]

Mainland China[edit]

Moomoo was one of several retail brokerages that were reprimanded for bringing on customers from mainland China without being properly licensed.[26][27][28]

TikTok[edit]

The company has been brought into the spotlight by US politicians worried about Chinese influence in the US markets while determining if TikTok should be viewed as a security risk.[24][29] Senator Tommy Tuberviĺe and Rep. Jim Banks asked the SEC and FINRA to investigate if information such as Social Security numbers, mailing addresses, and financial account data was being abused.[30][31]

Reception[edit]

Moomoo has received positive reviews from users and industry experts for its intuitive interface, comprehensive features, and competitive pricing. The app has garnered praise for its user-friendly design, robust trading tools, and responsive customer support.[4] Australia's Money magazine awarded it the Rising Star award and Benzinga awarded it the Best Daytrading Platform.[32]

References[edit]

  1. ^ "BrokerCheck - Find a broker, investment or financial advisor". brokercheck.finra.org. Retrieved 2024-02-01.
  2. ^ Flannery, Russell. "Influencers Stock Moe And Kenan Grace Help Moomoo Gain In Crowded U.S. Online Brokerage Market". Forbes. Retrieved 2024-02-01.
  3. ^ "Tencent-backed online broker sets its sights on Japan market". Nikkei Asia. Retrieved 2024-02-05.
  4. ^ a b "Money AU - Moomoo Rising Star Award". Retrieved 2024-02-01 – via PressReader.
  5. ^ "Moomoo introduces 24-hour US trading in Singapore and Australia". IBS Intelligence. Retrieved 2024-02-05.
  6. ^ "As more investors start young, experts urge platforms to promote 'healthy' trading". CNA. Retrieved 2024-02-05.
  7. ^ "MSN". MSN.
  8. ^ Chern, Kang Wan (2022-06-30). "Futu becomes first full-service digital broker in Singapore". The Straits Times. ISSN 0585-3923. Retrieved 2024-02-06.
  9. ^ "Moomoo gets in-principle approval to offer digital payment token services". www.businesstimes.com.sg. Retrieved 2024-02-06.
  10. ^ "Moomoo Singapore captures 25% of market share -Asian Wealth Management and Asian Private Banking". www.hubbis.com. Retrieved 2024-03-28.
  11. ^ "Moomoo Singapore is Best Retail Broker in Singapore". Yahoo Finance. 2023-11-09. Retrieved 2024-03-28.
  12. ^ "MAS awards Moomoo Singapore an MPI license | Singapore Business Review". Retrieved Apr 15, 2024.
  13. ^ "Moomoo launches stock trading app in Australia". 10 March 2022.
  14. ^ "Under pressure at home, Chinese online brokers expand offshore". Nikkei Asia. Retrieved 2024-02-05.
  15. ^ "Moomoo introduces 24-hour US trading in Singapore and Australia". IBS Intelligence. Retrieved 2024-02-08.
  16. ^ "Best of the Best 2024: Online Broker Rising Star". Money magazine. 2024-01-10. Retrieved 2024-03-29.
  17. ^ "Moomoo Japan Steps into Online Brokerage". Financial and Business News | Finance Magnates. 2023-09-20. Retrieved 2024-02-06.
  18. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2024-02-07.
  19. ^ "New entrants for online trading". The Star. Retrieved 2024-02-07.
  20. ^ "Moomoo Expands into Canada, the Sixth Market in Its Global Strategy". ffnews.com. Retrieved 2024-03-29.
  21. ^ "Global Trading Platform Moomoo CA Rings the Opening Bell at Toronto Stock Exchange". Yahoo Finance. 2024-03-26. Retrieved 2024-03-29.
  22. ^ refnatharayil (2023-08-07). "Investment and trading platform Moomoo expands into Canada". FDE. Retrieved 2024-03-29.
  23. ^ Gillespie, Brandon (2023-05-02). "Republicans demand answers from regulators on possible Chinese exposure of Americans' financial data". Fox News. Retrieved 2024-02-05.
  24. ^ a b Pan, David (February 17, 2021). "US Lawmakers Looking Into China's Role in GameStop Pump: Report". nasdaq.com. Retrieved 2024-04-15.
  25. ^ Pan, David (2021-02-18). "US Lawmakers Looking Into China's Role in GameStop Pump: Report". www.coindesk.com. Retrieved 2024-02-05.
  26. ^ "China regulator asks Futu and UP Fintech to stop soliciting mainland clients". Reuters. December 30, 2022. Retrieved 2024-04-15.
  27. ^ Pandaily (2022-12-30). "Chinese Regulator Requires Rectification of Illegal Cross-border Operations of Brokerages Futu and UP Fintech". Pandaily. Retrieved 2024-02-08.
  28. ^ "Tencent-backed Futu eyes new Asian markets outside China". Nikkei Asia. Retrieved 2024-02-08.
  29. ^ Gasparino, Charles (2023-05-21). "China goes for 'broker': Digging into the possible concern over stock-trading apps". Retrieved 2024-01-25.
  30. ^ Bogan, Ray. "Chinese-owned finance apps collect Americans' sensitive personal data". Straight Arrow News. Retrieved 2024-02-05.
  31. ^ Moseley, Brandon (2023-06-16). "Tommy Tuberville announces bipartisan bill to block Chinese owned companies from owning crypto-currency exchanges". Alabama Today. Retrieved 2024-02-07.
  32. ^ Green, Rachael. "Best Day Trading Software for Beginner to Advanced Traders in 2024 • Benzinga". Benzinga. Retrieved 2024-02-08.

External links[edit]

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