Futu Holdings Limited, an online brokerage and wealth management platform, has announced the completion of a HK$440 million investment in Gravitation Fintech HK Limited.
Gravitation Fintech is the parent company of Airstar Bank, a virtual bank licensed in Hong Kong. Following this investment, Foto now has an indirect stake of 44.11% in Airstar Bank, making it the second largest beneficial owner of the bank.
Increasing the share in the virtual banking sector
Futu Holdings is known for its technology-driven approach to providing financial services. The company offers fully digital investment services through its Futubull and Moomoo platforms. These platforms provide a range of services including trade execution and clearing, margin financing, securities lending, and wealth management.
In addition to investment services, Futu platforms feature built-in social media tools. These tools help create a network of users, investors, companies, analysts, media, and key opinion leaders. Futu also provides corporate services such as IPO distribution, investor relations, and employee stock ownership plan solutions.
We offer you 24-hour trading of US stocks
Moomoo, Futu's trading app, has expanded its services in Singapore and Australia by offering 24-hour US stock trading, Finance Magnates reported. It enabled users to trade more than 100 US stocks and ETFs around the clock, five days a week.
Previously, Moomoo supported US trading for 16 hours per day, including regular business hours and pre/post-market hours. The new feature extends trading hours, allowing users in Australia to access the markets from 10am Monday to 10am Saturday (AEST) and in Singapore from 8am Monday to 8am Saturday (SGT).
The move marks Moomoo's pioneering 24-hour trading in both Singapore and Australia, following similar services launched in Hong Kong. Despite offering 16-hour US trading, FOTO, which is listed on the Nasdaq, continues to provide mainland Chinese residents with access to US and Hong Kong stocks.
However, Chinese regulatory pressure has led to modifications, including the removal of the Futubull app from app stores in mainland China, while existing customers retain access to the platform.
This article was written by Tariq Sikdar at www.financemagnates.com.