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Tencent-backed online trading platform Futu presses ahead with Singapore, US expansion plans

  • Futu Holdings could use Singapore as a foothold to expand in Southeast Asia, founder Leaf Li Hua says
  • Li wants to replicate US financial giant Charles Schwab’s success, but with Chinese characteristics

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Futu Holdings founder and chairman Leaf Li Hua at the company’s headquarters in Shenzhen. Photo: Iris Ouyang
Iris Ouyang

Nasdaq-listed Futu Holdings is on track to launch its Singapore operations by April and is simultaneously eyeing expansion in the US next year as part of its global plans, according to the founder and chairman of the online brokerage platform.

“Singapore is one of the major financial centres in the world, while it can also serve as a bridge to Southeast Asia,” said Leaf Li Hua, in an exclusive interview at the firm’s headquarters in Shenzhen.

The Tencent Holdings-backed trading platform has made steady progress towards launching its operations in the Lion City after receiving a licence from the Monetary Authority of Singapore in October. Futu has hired a team of more than 10 people, rented an office, and has been diligently conducting research and development to fine-tune its product. Over 150 staff from its Shenzhen and Hong Kong offices will assist with the Singapore operations remotely.

Li said the big potential of the US market was a part of the motivation behind Futu’s decision to start its expansion in America, where “we are aiming to gain at least a few million users”.

Futu Holdings employs over 1,100 people. Photo: Iris Ouyang
Futu Holdings employs over 1,100 people. Photo: Iris Ouyang

“We completely relied on our third-party service provider Interactive Brokers for our US operations before we started our own company and received the US licence,” Li said.

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