Moomoo Malaysia to distribute unit trust funds in a month or two

KUALA LUMPUR (July 4): Moomoo Malaysia aims to start distributing unit trust funds through its online investment and trading app in the next one to two months.

A source who is familiar with the matter confirmed it with Wealth when contacted.

The firm is already registered as an institutional unit trust scheme adviser, according to the official website of the Federation of Investment Manager Malaysia. This means it is authorised to market and distribute unit trust schemes of another party.  

Moomoo Securities Malaysia Sdn Bhd (formerly Futu Malaysia Sdn Bhd) is the company behind the Moomoo investment and trading app. It is also a digital broker licensed by the Securities Commission Malaysia.

Moomoo is also the international version of a stock trading platform under the Hong Kong-based Futu Holdings Ltd, a fintech company listed on the Nasdaq.

Since it was officially launched locally on Feb 29, Moomoo Malaysia has been moving at breakneck speed in garnering new users and rolling out new products and solutions.

In less than two months since its launch, Moomoo Malaysia announced that it had attracted 100,000 users to its app as of April 22.

On May 14, the app introduced fractional shares orders, which is a type of US stock order that allows investors to trade fractions of a stock in decimals, instead of the whole shares.

On June 25, it introduced a new function that allows investors to set up a central depository system (CDS) account with Moomoo Malaysia to subscribe to initial public offering shares.

Investors can now expect to invest in unit trust funds through the Moomoo app pretty soon. 

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