Futu sets up SE-Asia HQ in Singapore as springboard into the region
Tencent Holdings-backed firm is also in the process of applying for a virtual banking licence in Hong Kong
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NASDAQ-LISTED Futu Holdings has set up its South-east Asia headquarters in Singapore, where the tech-oriented online broker will soon officially launch its services and use the city-state as a springboard into the region, founder, chairman and chief executive officer Leaf Hua Li says.
The Tencent Holdings-backed firm is also in the process of applying for a virtual banking licence in Hong Kong. If successful, it will join the US$15 billion ecosystem that includes Ant SME Services (Hong Kong), operated by Ant Financial, an affiliate of giant Alibaba Group Holdings; Ping An OneConnect, an entity of Ping An Insurance Group; and Insight Fintech HK, a joint venture of AMTD Group and Xiaomi Corp.
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