New investing app makes its local debut
LUMPUR: The stockbroking industry needs to keep up and change how it reaches out to the market amid disrupting technology, says Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift.
He said the industry must harness the power of new technologies to better serve investors, while at the same time, attracting a new generation of investors.
“This generation (of investors) are digitally savvy, mobile-first and experience-driven, therefore we need to make investing more engaging and hassle-free to invest anytime, anywhere for tech-savvy Millennials and Gen Z,” Muhamad Umar said in his speech at the launch of Futu Malaysia Sdn Bhd’s investment app Moomoo Malaysia yesterday.
He said the launch of the investment “super app” was in conjunction with Futu Malaysia’s entry into the Malaysian market. The company also became the 30th participating organisation in the exchange.
Muhamad Umar pointed out that innovations like Moomoo’s app, which consolidates trading, investing, research, artificial intelligence-driven tools and data analytics in a single intuitive app, signified the crucial role that technology and information play in making investment more accessible and more efficient.
“By providing users with a user-friendly interface, lower-cost and personalised insights, the app opens up investment opportunities to a wider range of investors.
“Democratising investment opportunities goes beyond access. It is also about fostering inclusivity and diversity, ensuring everyone, regardless of age, background and investing experience can participate in and pursue financial opportunities through the stock market,” he said.
Muhamad Umar said Bursa Malaysia started the year on a good note with the market climbing steadily and the benchmark index breaking past 1,500 points as of Feb 23, 2024 – reaching its highest level since June 2022, reflecting investor confidence even amid headwinds.
“While rising interest rates and global uncertainty pose challenges, Malaysia’s strong fundamentals and proactive economic initiatives offer growth potential and optimism for the market’s continued performance.
“However, growth alone is not enough. We must also prioritise financial literacy among investors, as in today’s ever shifting financial landscape, knowledge is power,” he said.
He said equipping and empowering investors with the knowledge and the right tools to make informed decisions, confidently navigate the market and secure their financial future, is crucial in sustaining a vibrant marketplace.