Moomoo, the trading app of the brokerage firm Futu, is enhancing its services in Singapore and Australia by introducing 24-hour trading with US stocks. The company highlighted that its customers can now trade more than 100 US stocks and exchange-traded funds (ETFs) around the clock for five days.

Trading Around the Clock on Moomoo

Until now, Moomoo supported 16-hour US trading every trading day, including 6.5 hours of regular trading hours and 9.5 hours of pre-market and post-market trading. The new features will now allow Moomoo users in Australia to access the markets from 10 AM Monday to 10 AM Saturday (AEST) and in Singapore from 8 AM Monday to 8 AM Saturday (SGT).

“Offering keen investors to trade on the US market round-the-clock is definitely a game-changing breakthrough to capture investment opportunities on any occasion,” said Gavin Chia, the Managing Director of Moomoo Singapore.

Additionally, the official announcement pointed out that the 24-hour trading facility of Moomoo was "a first in both [the] Singapore market and [the] Australian market." Earlier in February, the sister brand of Moomoo introduced similar 24-hour trading services in Hong Kong. However, the brand still offers 16-hour trading in the US.

“Moomoo has access to market makers that provide live prices 24 hours a day, five days a week,” said Moomoo’s Australia Chief Market Strategist, Matt Wilson. “So, you can take advantage of market moves during Australian hours and while the US is asleep.”

Strengthening Base Outside China

Listed on Nasdaq, Futu is known for offering mainland China residents access to the stocks listed in the US and Hong Kong. However, the company and its competitors are facing a Chinese regulatory backlash.

Last month, Futu decided to take down its trading app, Futubull, from app stores in Mainland China in response to the Chinese Securities and Regulatory Commission’s rectification requirements on cross-border securities business. However, existing mainland China clients will continue to have access to the trading platform.

Meanwhile, the gross profit of Futu Holdings increased 13 percent to $281.4 million quarter-over-quarter in Q1 2023. Year-over-year, the profits surged by 56.3 percent. Furthermore, the company generated a revenue of $318.5 million in the three-month period.