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 November 2021.
"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
StoneCastle 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.
SOURCE StoneCastle Insured Cash Sweep, LLC