FSMOne eyes more local investors via foreign trading platform

KUALA LUMPUR: FSMOne Malaysia expects to attract more Malaysian investors to its trading platform through its latest offering which allows local investors to trade in securities in the United States (US) and Hong Kong (HK).

Its general manager Wong Weiyi said the company saw a growth in investors on the platform over the past 18 months, due to an increase in financial literacy during the COVID-19 pandemic, while investors also diversified their investment income.

He noted that more sophisticated investors were also looking at hedging against the weakening of the ringgit by investing in foreign equities.

"As a minimum baseline, we hope to hit 30,000 new investors over the course of the remaining year as there are a lot of investors out there who are excited about trading foreign shares," Wong told reporters after the virtual launch of FSM Trading US/HK Platform today.

He added that in the near-term, the developed markets were expected to offer better returns due to the potential of economic recovery, relative to the developing markets which are facing hard times dealing with the COVID-19 crisis.

FSMOne also announced that it offers the lowest brokerage fee in the market for retail traders at only 0.08 per cent, paving the way for the growing retail segment to be as competitive as institutional players in the market.

FSMOne allows online account registrations and account approval in mere hours while funding of accounts can be done in ringgit via FPX to be converted at competitive foreign exchange rates to the US dollar or HK dollar.

Wong said the company would also diversify by having other stock exchanges on its platform.

"What we have planned in the pipeline, Singapore would be coming next. We will bring some other interesting lines into our platform by stages,” he added. - Bernama

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FSMOne , US , UK ,  Wong Weiyi , COVID-19


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