Futu Holdings Completes HK$440 Million Investment in Star Bank's Parent Company

According to PANews, Futu Holdings has announced the completion of a HK$440 million investment in the parent company of Star Bank, a licensed virtual bank in Hong Kong. Following the transaction, Futu indirectly holds 44.11% of Star Bank's shares, making it the second-largest shareholder. The largest shareholder of Star Bank is Xiaomi, and among Futu's shareholders is Tencent. The investment by Futu is primarily aimed at supporting the business development of Star Bank, promoting business diversification, and fostering the development of the industry ecosystem. It is also intended to aid the continuous innovation and popularization of financial technology in Hong Kong, and deepen inclusive finance. Star Bank was jointly established by Xiaomi Group and Asian broker Everbright Group. It was granted a banking license by the Hong Kong Monetary Authority on May 9, 2019, and officially started trial operation on March 31, 2020, becoming the second officially operating virtual bank in the Hong Kong region. The bank's main business is to engage in banking and related financial services in the form of a virtual bank in Hong Kong.