Trading platform moomoo and SUSS Investment Group Accelerate Youth Financial Literacy with Inaugural Investment Competition
Fast-growing, popular financial trading platform moomoo has reportedly partnered with SUSS Investment Group, a student-led community in Singapore University of Social Sciences that caters to students with keen interests in finance and investment, to launch the inaugural Portfolio Management Challenge 2022.
The competition, which concluded on 9 April 2022, saw students showcasing their analytical and portfolio management skills, while gaining insights from renowned trading partners and investment professionals, moomoo explained in a press release.
Kicking off the competition on 22 January 2022, the Portfolio Management Challenge was open to all university students in Singapore. Teams that were made up of up to 4 members each, received a competition package to facilitate their participation on the moomoo platform, where they executed trades in the US market (Nasdaq and NYSE), and update their portfolio weightage on moomoo's portfolio feature to view live rankings.
The Challenge tested the investment and portfolio construction knowledge where challengers implemented and monitored the constructed portfolio, with real-time market data, across a 2-month holding period. Winners were announced on 9 April and emerging at the top was the Gamestopped group made up Samay Panwar, Yakun Shao and Marcus Foo whose portfolio saw them overcoming challenges in real-time and engineering creative solutions to deal with a volatile market during the 2-month holding period. "The most useful part of using the moomoo app was the news and community sections for each stock where we could track company news and investors' comments which was important in helping us analyze the stocks on a company-by-company basis" Yakun Shao, member of winning team Gamestopped commented.
Joining the panel of judges were CEO of UOB Asset Management, Mr. Thio Boon Kiat, Board Member of the CFA Society, Ms. Connie Ong, and Director at FSSA Investment Managers, Mr. Vinay Agarwal, amongst others. Mr. Gavin Chia, Managing Director, Futu Singapore was also present as part of the esteemed panel where he offered his insights and expertise to the undergraduates during the final presentation stage.
"The group of investors on moomoo – which comprises over 70 per cent of Millennials and Gen Z-ers between the ages of 18 to 41 – are eager to learn more about the investing landscape, and the opportunities that brings." Mr. Gavin Chia, Managing Director, Futu Singapore commented. "The close collaboration with SUSS Investment Group is salient to cultivate interest amongst the next generation of investors towards the adoption of smart and responsible investing. The competition will help us to facilitate wider access to financial literacy through real-time data and interactions within peer groups."
Futu Singapore continues to support financial literacy amongst the youth and is committed to promoting investor training through its partnerships with local universities that inspire and empower investors through practical learning in their journey to be financially independent. Futu Singapore is also realizing its vision of financial literacy through moomoo's in-app investment-related courses, webinars, and live streams of listed companies' events. As of the fourth quarter, more than 300 investing videos and infographic courses have been launched on the moomoo App and website which cover stocks, options, funds, and other financial instruments.