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Webull Corporation, a digital investment platform founded in 2018, has reported significant growth across its global operations, with particular success in the Asia-Pacific (APAC) region. The company, which started in the United States, has expanded its reach to include markets in Europe, Africa, and Latin America.
As of July 31, 2024, Webull's assets under management (AUM) in the APAC region have grown by 100% year-over-year. This growth comes as part of Webull's strategic expansion in the region, which began with its entry into Hong Kong SAR in 2020, followed by Singapore and Australia in 2022, Japan and Indonesia in 2023, and most recently, Malaysia and Thailand in 2024.
Anthony Denier, Group President of Webull Corporation, stated, "We are incredibly proud of Webull's rapid expansion in the APAC region. Since we entered APAC in 2020, we have seen a steady increase in our user base, with investors leveraging Webull's trading tools to develop comprehensive and diversified investment portfolios across the U.S. and APAC markets."
Globally, Webull has achieved over 40 million downloads and surpassed 20 million registered users. In 2023, the company saw a 38% year-over-year increase in customer assets, reaching a value of US$8.2 billion. The platform's equity notional volumes for U.S. stock trades reached US$371 billion, while the number of options contracts traded hit 430 million. In the fourth quarter of 2023, Webull achieved a user retention rate of 98%.
The company's growth in Singapore, where it launched in 2022, has been particularly notable. Webull Singapore has introduced new features such as overnight U.S. stock trading and access to SGX-listed products and securities. The platform offers investors access to more than 1,000 SGX-listed stocks, REITs, DLCs, and ETFs, as well as 430 mutual funds from various fund houses.
To remain at the forefront of digital brokerages in Singapore, Webull continues to offer investors low commission fees with zero platform fees for investors trading US stocks and ETFs, Hong Kong stocks and ETFs, and A-shares stocks and ETFs. For investors trading Singapore stocks and ETFs, Webull offers low commission and platform fees (0.025% x Total Trade Amount, Min SGD 0.80), with an ongoing campaign that offers 3-year commission-free for Singapore stock trading. Aligned with Webull's promise to educate investors and promote financial literacy amongst retail investors, investors using the Webull platform also gain access to a number of trading tools as well as level 2 advanced US market data to help them make informed decisions.
Jonathan Man, Chief Executive Officer of Webull Singapore, noted, "Since we entered the Singapore market in 2022, we have witnessed a strong uptrend in our user base within a short two-year span. Investors in Singapore continue to seek attractive yields for their investments and Webull Singapore will strive to develop better, more innovative products and tools that will cater to the evolving needs of Singapore investors."
