On July 28, 2024, Moomoo announced it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), making it the first digital brokerage in Singapore to obtain a license for digital payment token services. This milestone allows Moomoo to operate as a regulated crypto business in the region.
As a broker-dealer and custodian licensed by MAS (License No. CMS101000), Moomoo ensures that all its users can continue to deposit and withdraw in SGD or USD from their local bank accounts with zero fees. Additionally, the first 5,000 clients of Moomoo Crypto will enjoy 0% commission until September 30, 2024.
Founded in 2018 as a subsidiary of Nasdaq-listed Futu Holdings, Moomoo debuted in Singapore in 2021, offering low-cost stock trading on its mobile app. Earlier this month, Futu also upgraded its Type 1 license in Hong Kong to include virtual asset dealing services. This upgrade enables Futu Securities to provide virtual asset dealing services to both retail and professional investors in Hong Kong.
The journey began in May 2021 when Moomoo applied for the license and received in-principle approval (IPA) in December of the same year. Gavin Chia, chief executive of Moomoo Singapore, remarked at the time, “Over the years, we have seen an increase in volume of queries from our clients with regard to the trading of digital payment tokens on our platform.”
With this license, Moomoo plans to extend its digital payment token services to both retail and institutional investors in Singapore. The Futu-owned digital brokerage aims to integrate crypto trading into its platform, allowing users to trade cryptocurrencies alongside global stocks, funds, and more, all in one place. An email to users highlighted this new capability: “With Moomoo app, you can now trade crypto alongside global stocks, funds, and more, all in one place.”
