Financial and Business News

Futu Buys into Airstar Bank, Now Holds 44.1% Indirect Stake

Friday, 07/06/2024 | 08:19 GMT by Tareq Sikder
  • The firm has invested HKD440 million in Airstar Bank, becoming its second largest beneficial owner.
  • Earlier, its Moomoo App introduced 24-hour trading for US stocks in Singapore and Australia.
Hong Kong
Bloomberg

Futu Holdings Limited, an online brokerage and wealth management platform, announced the completion of a HKD440 million investment in Gravitation Fintech HK Limited.

Gravitation Fintech is the parent company of Airstar Bank, a licensed virtual bank in Hong Kong. Following this investment, Futu now holds an indirect 44.11% stake in Airstar Bank, making it the second largest beneficial owner of the bank.

Boosting Stake in Virtual Banking Sector

Futu Holdings is known for its technology-driven approach to financial services. The company offers fully digitalized investment services through its platforms, Futubull and moomoo. 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's platforms feature embedded social media tools. These tools help create a network for users, investors, companies, analysts, media, and key opinion leaders. Futu also offers corporate services such as IPO distribution, investor relations, and Employee Stock Ownership Plan solutions.

Introducing 24-Hour Trading for US Stocks

Moomoo, the trading app by Futu, has expanded its services in Singapore and Australia by introducing 24-hour trading for US stocks, as reported by Finance Magnates. It has enabled users to trade over 100 US stocks and ETFs around the clock for five days a week.

Previously, Moomoo supported 16-hour US trading daily, including regular and pre/post-market hours. The new feature extends trading hours, allowing users in Australia to access markets from 10 AM Monday to 10 AM Saturday (AEST) and in Singapore from 8 AM Monday to 8 AM Saturday (SGT).

This 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, Futu, listed on Nasdaq, continues to provide mainland Chinese residents access to US and Hong Kong stocks.

However, Chinese regulatory pressures have led to adjustments, including the removal of the Futubull app from Mainland China's app stores, while existing clients retain access to the platform.

Futu Holdings Limited, an online brokerage and wealth management platform, announced the completion of a HKD440 million investment in Gravitation Fintech HK Limited.

Gravitation Fintech is the parent company of Airstar Bank, a licensed virtual bank in Hong Kong. Following this investment, Futu now holds an indirect 44.11% stake in Airstar Bank, making it the second largest beneficial owner of the bank.

Boosting Stake in Virtual Banking Sector

Futu Holdings is known for its technology-driven approach to financial services. The company offers fully digitalized investment services through its platforms, Futubull and moomoo. 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's platforms feature embedded social media tools. These tools help create a network for users, investors, companies, analysts, media, and key opinion leaders. Futu also offers corporate services such as IPO distribution, investor relations, and Employee Stock Ownership Plan solutions.

Introducing 24-Hour Trading for US Stocks

Moomoo, the trading app by Futu, has expanded its services in Singapore and Australia by introducing 24-hour trading for US stocks, as reported by Finance Magnates. It has enabled users to trade over 100 US stocks and ETFs around the clock for five days a week.

Previously, Moomoo supported 16-hour US trading daily, including regular and pre/post-market hours. The new feature extends trading hours, allowing users in Australia to access markets from 10 AM Monday to 10 AM Saturday (AEST) and in Singapore from 8 AM Monday to 8 AM Saturday (SGT).

This 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, Futu, listed on Nasdaq, continues to provide mainland Chinese residents access to US and Hong Kong stocks.

However, Chinese regulatory pressures have led to adjustments, including the removal of the Futubull app from Mainland China's app stores, while existing clients retain access to the platform.

Topics
retail brokers
retail
fintech
hong kong
Futu
About the Author: Tareq Sikder
Tareq Sikder
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Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023. At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London. Education: Honours degree Information Technology, Anfell College, London

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