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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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 Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term 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.