Moomoo SG joined forces with HSBC to develop an automated funding process through an end-to-end API integration, which enabled moomoo SG’s investors to submit paperless real-time direct debit mandates online. This has significantly reduced the time taken for fund transfers to be set up, enabling seamless funding of investment accounts once direct debit mandates are approved.
As a result, retail investors can now initiate funding via the moomoo app which automatically pulls funds from the mandated bank account through FAST, reducing the average waiting time from 14 days to mere seconds. The solution has also improved straight-through processing rates on these transactions from 40% to 99%, reducing the need for manual reconciliation.
The service is available 24/7, allowing investors to fund and trade on the moomoo app on the move.
*Note, instant payments require the debiting bank’s participation in the SG FAST Payments scheme.