CSOP Launches USD MMF in Singapore
A press release entitled, "CSOP USD Money Market Fund to Launch in Singapore" tells us, "CSOP Asset Management ('CSOP') will launch its third public fund in Singapore on 13 July 2022 and the initial offer period has started on 5 July 2022. Initially launched through retail distribution platform Moomoo Financial Singapore Pte. Ltd., a leading online broker in Singapore and Hong Kong, CSOP USD Money Market Fund will invest in high quality short-term money market instruments and debt securities to provide liquidity and returns comparable to USD deposit rates. With innovative product design, CSOP USD Money Market Fund renders as first T+0 subscription and redemption USD money market fund in Singapore. CSOP USD Money Market Fund is available for subscription at price of USD 1 with size of 1,000 shares in initial offer period and 100 shares after the close of the initial offer period. Worth noticing, the management fee of 0.30% per annum of the Net Asset Value will be waived for the first 3 months since official launch." The release explains, "A strong USD in rate-hike cycle has attracted global investors attention. About 59% of global foreign exchange reserves is in USD, having increased from USD 4,451 Billion in 2015 to USD 7,087 Billion in 2021 Q4, an increase of about 59%3. USD Money market fund (MMF) size continued to rise especially in Fed hike cycle, reaching record high of USD4.7 trillion in 2021, 9.5% higher than 20204. Strong inflow was supported by rising demand for quality assets with quality, liquidity and safety." Steve Zeng, Managing Director of Futu comments, "moomoo has become one of the most trusted fintech platforms in Singapore <b:>~_. Among the permanent residents aged between 20 to 70 years old in Singapore, 21.5% of them already use moomoo as of June this year. `We are pleased that CSOP and moomoo successfully launched the first USD money market fund in Singapore with T+0 settlement for subscriptions and redemptions, which can provide retail investors in Singapore with more choices for fund investment and wealth management. Through the collaboration with CSOP, we believe that moomoo can continue strengthening its services and platform and enhancing the investing experience of Singaporean investors." Melody He, deputy CEO of CSOP, tells us, "Leveraging on our rich experience in managing USD Money Market Fund in Hong Kong, CSOP is confident to introduce the first CSOP's T+0 USD money market fund to Singapore investors. Besides the competitive return compared to USD demand deposits5, CSOP USD money market fund also perfectly answers investors' demand on cash management with high liquidity and diversification. The launch of CSOP USD Money Market Fund is a milestone of financial inclusion in Singapore and we hope it can contribute to the development of Singapore's financial market." The release adds, "CSOP Asset Management Limited was founded in 2008 as the first offshore asset manager set up by a regulated asset management company in China."
