SINGAPORE, July 14, 2022 /PRNewswire/ -- Futu Trustee (Singapore) Pte. Ltd. ("Futu Trustee Singapore" or "the Company" ) a subsidiary of Futu Holdings Limited ("Futu") (Nasdaq: FUTU), is pleased to announce that the Company has been accorded the Trust Business Licence from the Monetary Authority of Singapore. It marks yet another milestone for the Futu Group, followed by its another subsidiary company, Moomoo Financial Singapore Pte. Ltd. ("moomoo SG"), a leading tech-driven online brokerage company becoming the first digital brokerage to obtain full memberships across the securities and derivatives markets from SGX.
Futu Trustee Singapore's sister company, Futu Trustee Limited ("Futu Trustee Hong Kong") is licensed in Hong Kong since 2018 and has to date over 200 corporate and high-net-worth family clients from Asia. With the coveted Trust Business License being obtained in Singapore, Futu Trustee Singapore and Futu Trustee Limited (collectively "Futu Trustee"), coupled with it's already extensive experience, is now able to provide a comprehensive range of trust services to Asia's and global high-net-worth clients looking for estate planning and wealth preservation in Singapore. Futu Trustee is also now well poised to further entrench its presence in the trust and family offices services industry in Asia.
Backed by a Nasdaq listed parent company with a solid financial position, Futu Trustee is well equiped to serve Asia's clients with its regional teams based in Greater China and Singapore sharing similar timezones, cultures, and languages with its clients. Futu Trustee's client-oriented philosophy provides hassle-free and customised solutions for clients and the administration of trust funds is not restricted to any asset class.
Futu Trustee's clients can also benefit from Futu's securities and wealth management offerings via Futu's online brokerage super-app,Futubull. The trust service offerings, together with Futu's investment and wealth management services platform, creates seamless synergies across the Futu Group.
Said Ms. Rachel Onn, Executive Director of Futu Trustee (Singapore) Pte. Ltd., "We are delighted to witness Futu achieving two milestones in its business development in such a short time. Receiving the Trust Business Licence from MAS enables us to support our clients with professionalism backed by our team of industry veterans from independent trust companies, banking and finance, and legal and accounting background. Increasingly, we are seeing more high-net-worth clients and companies looking to set up trust structures in Singapore due to the strong rule of law, political stability and competitive business environment. There is definitely a huge potential in the market and we are proud to be one of the 63 Trust Business Licencees approved by MAS in Singapore. We look forward to collaborating with industry partners to support this important and growing segment of the market."
About Futu Trustee (Singapore) Pte. Ltd.
Futu Trustee (Singapore) Pte. Ltd. ("Futu Trustee Singapore") is a subsidiary of Futu Holdings Limited (Nasdaq:FUTU). As a fully licensed trust company (Trust Business License No. TC000074) regulated by the Monetary Authority of Singapore, Futu Trustee Singapore provides a diverse suite of services in trust set up, trustee appointment and trust administration services in both corporate and private settings. Futu Trustee Singapore possesses a team of industry veterans from world-class independent trust companies, banking, accounting, family offices, taxation and compliance advisory background and as such enables the company to provide full-fledged of trust services including the administration of ESOP and family trusts.
SOURCE Futu Singapore Pte. Ltd.