Futu Securities (Hong Kong) Received Financial Services Award of Excellence from Hong Kong Economic Journal
On December 1st, Futu Securities International (Hong Kong) Limited was awarded the Financial Services Award of Excellence. Despite the turbulent market conditions in 2023, Futu has maintained a strong foothold. Its recently announced Q3 2023 performance not only accelerated its internationalization process but also strengthened its leading position in the Hong Kong market. Futu's business scope has expanded from retail to private wealth management, paving the way toward a globally influential financial services platform.
The full text of the report from Hong Kong Economic Journal is as follows:
Futu shows impressive performance and expands its private wealth management services
As market conditions continue to evolve in 2023, the resilience and strength of companies facing market challenges become increasingly crucial. Futu Holdings (Nasdaq: FUTU) has just released its Q3 2023 performance, with total revenue and non-GAAP net profit increasing by 36.2% and 43.7% year-on-year respectively, demonstrating its consistent profitability over the years. The high customer retention rate is a testament to the trust that customers place in Futu. The customer assets on the platform reached HK$468.1 billion. With Futu's leading position in Hong Kong remaining stable, its market expansion and diversified business development are also noteworthy.
Proving resilient in a volatile market and diversifying business opportunities
In August of this year, Futu obtained a long-term issuer credit rating of "BBB-" from S&P for the third consecutive year and "Stable" for Outlook. This reflects Futu's strong capital strength, risk control capabilities, and dominant market share in the Hong Kong retail stock market. In fact, Futu's leading position in the Hong Kong market remains secure, with the company continuing to hold the top spot for the most downloaded stock trading app in Hong Kong this year. Futu's diversified business strategy has also been reaping the rewards, with its three major business segments jointly thriving. Since 2022, Futu's corporate services business has consistently ranked first in the number of IPO cooperation projects in the Hong Kong stock market. In terms of fund business, the assets under management of Futu Money Plus exceeded HK&50 billion in Q3 for the first time, meeting the needs of investors and institutions in different markets around the world. Despite the challenging market conditions, Futu remains steadfast in its commitment to providing investors with the best service.
Expanding international footprint to Japan and Canada
Futu has actively sought innovation and continues to expand its international business. In Q3, moomoo, Futu's overseas brand, officially launched in Japan and Canada, following its success in Singapore where it has been operating for two and a half years. In Singapore, moomoo achieved impressive KPIs such as cumulative downloads and daily active users, ranking first in the local brokerage industry. The number of asset customers in the Singapore market has also increased by more than 25% annually.
Futu is not only focusing on international presence, the company has also strengthened its localized operating strategies, gaining recognition from more investors in various markets. During Q3, Futu opened its first physical store, Futu Store, which spans about 4,000 square feet. This store creates an inclusive financing environment for investors to interact, exchange ideas, and learn. The company plans to open more physical stores in Hong Kong in the future.
Developing private wealth management, focusing on specialised needs
In addition to its retail business, Futu has expanded into trust and private wealth management with the establishment of Futu Trustee and Private Wealth Management. The PWM is committed to providing personalized and professional global financial services to high-net-worth investors. Its service network covers major financial markets worldwide, including Hong Kong, Singapore, the United States, Australia, and Japan. Through a series of innovative services and a global perspective, the center offers clients the opportunity to enjoy the world with ease. Adopting a 1+N professional service model, PWM covers securities account services, wealth management, family legacy planning, and institutional business, with dedicated teams in investment, trust, law, taxation, and wealth protection. It provides clients with exclusive plans, ongoing follow-up, and adjustments to meet their needs.
Despite the challenging market conditions in 2023, Futu remained steadfast and delivered impressive results in Q3 of the same year. The company sped up its internationalization process and fortified its position as the market leader in Hong Kong. The company gained progress in both retail and private wealth management. With a strong focus on personalized and comprehensive financial services, Futu is poised to make a significant impact in the financial industry.