Nasdaq-listed brokerage and wealth management firm, Futu Holdings recently announced the successful acquisition of an Australia-based subsidiary, Futu Securities Australia. Through the acquisition, the online broker is planning to enhance its presence in the region.
Futu Securities Australia holds an Australian Financial Services License (AFSL). The Australian Securities and Investments Commission (ASIC) is responsible for the issuance of the license. The AFSL will allow Futu to provide brokerage and other financial services to clients in Australia.
In the announcement, Futu outlined the massive potential of Australia’s financial services industry. Being one of the biggest economies in the world, Australia is home to some of the world’s leading financial brokers.
“Futu has successfully acquired an Australian-based subsidiary, Futu Securities (Australia) Ltd. Futu Securities (Australia) Ltd holds an Australian Financial Services License (AFSL). The AFSL is a license granted and regulated by the Australian Securities and Investments Commission (ASIC). The Company expects to use this license to provide online brokerage and other financial services in Australia. By leveraging its differentiated products and services, the Company is confident to tap into the huge market opportunity in Australia,” Futu highlighted.
Trading Volumes
In its latest financial results for the third quarter of 2021 (Q3 2021). Futu Holdings posted a sharp increase in revenues. In addition, the overall trading volumes jumped substantially compared to the same period in 2020. Also, the online brokerage onboarded several clients in the mentioned period as the total registered clients increased 119.9% year-over-year (YoY).
“Futu's market penetration rate in Hong Kong has been rising steadily. According to the latest population statistics from the Census and Statistics Department, Futu's number of users now account for about one-third of Hong Kong's adult population and continues to reinforce its status as an industry leader,” Futu Holdings mentioned during the announcement of its financial results.
