China-based online brokerage and wealth management platform Futu has acquired Australian-based subsidiary, Futu Securities.

Financial terms of the deal were not shared.

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The acquired entity holds an Australian Financial Services License (AFSL), which is granted and regulated by the Australian Securities and Investments Commission (ASIC).

The move will allow Futu to take advantage of the AFSL license to roll out its online brokerage and other financial services in Australia.

This includes the company’s digital investment platform moomoo.

The platform, which was also launched in the US and Singapore by the firm, will now offer ‘premium online investment services to Australian investors.

moomoo is said to have over seven million investors worldwide. The interactive platform, which provides free online account-opening for investors, allows them to share their investing insights ‘anywhere, anytime’.

The platform is said feature technologies covering stock trading and market data. It enables to trade stocks and access free real-time quotes, detailed market analysis, and financial news coverage.

Futu launched moomoo in Singapore in March last year. It also opened its regional headquarters in the country to better serve the Southeast Asia region.

At present, the platform is said to have 220,000 registered Singapore users with around 15% market share of retail investors.

In May this year, Futu injected a $400m strategic capital to Futu Clearing to allow latter ramp up its operational needs, including clearing and deposits, supporting margin accounts.

Established by Futu in 2018, Futu Clearing provides execution and clearing solutions to broker/dealers, and RIAs.