NEW YORK, Dec. 16, 2021 /PRNewswire/ -- Futu Inc. ("Futu"
or the "Firm"), a subsidiary of Futu Holdings Limited (NASDAQ:
FUTU), an advanced technology company offering fully digitized
brokerage and wealth management platforms, recently announced a
deal with StoneCastle Insured Sweep, LLC ("SCIS") to provide
insured cash sweep services to Futu's brokerage clients.
Implementation of the insured cash platform took place in early
"Offering a bank sweep product to our clients is a natural
progression of the continued expansion of our products and
services," said Keith Chan, CEO of Futu.
Insured cash sweep programs have become commonplace in the
industry and have grown to more than a trillion-dollar cash
category over the past couple of decades. "We constantly look for
partners that truly differentiate themselves in the marketplace,"
said David Gareis, a senior
executive at SCIS. "Our size, business model, experience on digital
platforms, and ability to source the banks they need to run and
grow their programs made it a natural fit."
"Futu engages closely with its clients who have come to expect
us to innovate and enhance client-experience. Adding a feature that
provides greater protection for clients' cash while allowing them
to earn interest is a win for our clients," concluded Chan.
About Futu Inc.
Futu Holdings Limited, parent company
to Futu Inc., is an advanced technology company transforming the
investing experience by offering a fully digitized brokerage and
wealth management platform. The Firm serves retail investors in the
U.S. and in select markets overseas to facilitate a
once-in-a-generation shift in the wealth management industry and
build a digital gateway into broader financial services. Futu
continues to expand the menu of securities products and services it
offers to its investors.
Futu provides investing services through an affiliated digital
platform called moomoo. moomoo is a highly integrated application
accessible through any mobile device, tablet, or desktop. The
Firm's primary fee-generating services include trade execution and
margin financing which allow its clients to trade securities, such
as stocks, warrants, options, futures and exchange-traded funds, or
ETFs, across different markets. moomoo enhances the user and client
experience with market data and news, research, as well as powerful
analytical tools, offering a data rich foundation to simplify the
investing decision-making process. moomoo has also embedded social
media tools to create a network centered around its users and
provide connectivity to users, investors, companies, analysts,
media, and key opinion leaders.
About StoneCastle Insured Sweep, LLC
Insured Sweep, LLC ("SCIS") is the provider of
InterLINKTM Insured Deposits, an FDIC-insured sweep
program. It currently administers insured cash programs for several
of the nation's leading brokerage and clearing firms. InterLINK is
one of the most tech-forward, flexible, and open architecture
platforms available on the market today.
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SOURCE StoneCastle Insured Cash Sweep, LLC