Futu subsidiary obtains MAS licence to provide trust services

FUTU Trustee (Singapore), a subsidiary of Nasdaq-listed Futu Holdings, has received a trust business licence from the Monetary Authority of Singapore (MAS).

The company will now be one of the 63 trust business licensees approved by MAS in Singapore, it announced on Thursday (Jul 14).

Futu Trustee’s sister company, Futu Trustee Hong Kong, is licensed in Hong Kong. To date, it has more than 200 corporate and high-net-worth family clients from Asia.

The MAS licence allows Futu Trustee (Singapore), along with Futu Trustee Hong Kong, to provide trust services to high-net-worth clients looking for estate planning and wealth preservation in Singapore.

Futu Trustee executive director Rachel Onn said: “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.”