FinClear partners with leading brokerage moomoo to offer individual HIN trades

THE CLIENT

The value-driven fintech brokerage, moomoo, with over 22 million users worldwide, has partnered with FinClear to offer Australians the trusted Individual Holder Identification Number (HIN) trading on the Australian Securities Exchange (ASX).

The collaboration between moomoo and FinClear will enhance options and security and underscores their commitment to empowering Australian investors, who have access to cutting-edge solutions in the ever-evolving world of online trading.

THE BRIEF

Moomoo currently offers Australian investors ASX trading via a custodial solution, but will now provide investors with the additional option of trading ‘CHESS-sponsored’ shares. This means investors can directly own their shares via their HIN.

There are two options for retail investors to trade shares in Australia – a custodial or ‘omnibus’ solution, where investors’ shares are held in a single account by a custodian, or an individual CHESS-sponsored HIN solution.

Many Australians prefer the latter as they feel it gives them greater security over their holdings.

“Some investors want the enhanced transparency, control and security they feel direct ownership provides – and they were asking us for it,” moomoo Chief Executive Officer Toby Wong said.

“But others still prefer a custodial solution, so we needed to offer both to meet inbound demand without inconveniencing existing clients that wanted to keep the status quo and avoid the administrative burdens.

“We chose FinClear as our strategic partner for its reputation and flexibility. Their solutions are tried and tested by the market and they have an exemplary track record.”

THE ADVANTAGE FOR MOOMOO USERS

In addition to HIN trading, moomoo opted to use global messaging standard FIX (Financial Information eXchange protocol) connectivity, an API broking solution offered by FinClear for real-time and on-demand post-trade processing and data extraction.

The efficiencies of FinClear’s service solutions mean moomoo will be able to keep costs low for its users – for example, automating account openings to reduce manual administration burdens.

For moomoo’s existing clients that wanted to migrate to individual HIN/CHESS-sponsored trading, FinClear helped transfer assets from the custodial solution to its platform.

“FinClear made launching this option for Australian investors smooth and successful, working cross-border with our global teams to guide us through the nuances of domestic infrastructure and demand,” Mr Wong said.

“We are proud to have brought this solution to the Australian market, and were able to do so with FinClear’s exceptional support.”

MORE ABOUT MOOMOO

Moomoo provides investors with an intuitive and powerful online share-trading platform for investing in ASX, US, Canada, Japan, Hong Kong, Singapore and Malaysia sharemarkets. Moomoo continues to expand its offering, most recently launching in Malaysia and collaborating with Nasdaq via a Global Strategic Partnership.

Its Australian offering includes access to all securities listed on the ASX and Cboe and extends to more than 22,000 shares and ETFs across Australia, US and Hong Kong markets, along with competitive trading fees and a suite of professional-level features and tools.

The platform also offers AI-powered capabilities, access to global news, and free investment courses. In a market-first last June, moomoo introduced access to 24-hour trading of US stocks and ETFs for Australian investors.

Moomoo launched its Australian HIN offering on April 8, 2024 and since then has been providing Australian investors direct access to own and trade shares on the ASX and Cboe with minimal fees. That service offering is the result of a strategic partnership with FinClear.