Futu Holdings Ltd (NASDAQ:FUTU) Q4 2023 Earnings Conference Call March 14, 2024 7:30 AM ET

Company Participants

Daniel Yuan - Chief of Staff & Head, IR

Leaf Hua Li - Chairman, CEO & Founder

Arthur Chen - CFO

Robin Xu - SVP

Conference Call Participants

Cindy Wang - China Renaissance Securities

Chiyao Huang - Morgan Stanley

Yu Fan - CICC

Leon Qi - Daiwa Capital Markets

Emma Xu - Bank of America Merrill Lynch

Peter Zhang - JPMorgan

Operator

Hello, ladies and gentlemen. Welcome to Futu Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions]. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff to CEO and Head of IR at Futu. Please go ahead, sir.

Daniel Yuan

Thanks, operator, and thank you all for joining us today to discuss our fourth-quarter and full-year 2023 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.

With that I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

Leaf Hua Li

Thank you all for joining our earnings call today. In the fourth quarter, we added over 59,000 paying clients. Our total paying clients as of year-end reached over $1.7 million, representing 15% growth year over year and exceeding our guidance. This was due to level four for tissue valves goes up by volume versus on total volume of business.

Client acquisition in Singapore has sustained high growth into the fourth quarter. Money market funds continue to garner significant client interest amid high interest rate and market volatility. In December, we became the first and only distributor of Fullerton Fund Management Singapore-dollar-denominated money market funds, the only T+0 Singapore dollar money market funds for retail investors in Singapore.