Robinhood has moved closer to launching brokerage services in Singapore after receiving in-principle approval from the Monetary Authority of Singapore (MAS).
The approval marks a step forward in the company’s Asia Pacific expansion, with Singapore serving as its regional headquarters.
The approval could lead to a licence once Robinhood Singapore fulfils the conditions set by MAS, provided there are no material adverse developments affecting the applicant.
If licensed, Robinhood Singapore would be able to offer services including securities trading, exchange-traded derivatives, custody, product financing and collective investment funds.
The approval does not yet allow Robinhood Singapore to provide brokerage services.
MAS also reserves the right to withdraw the approval where appropriate.
Patrick Chan, Head of Asia for Robinhood, said,
“Singapore’s world-class regulatory environment, high rates of digital adoption, and growing population of retail investors make it the ideal hub for our mission.
We see enormous potential to democratise the financial markets for a new generation of investors in Singapore.”
Robinhood’s presence in Singapore also includes Bitstamp Asia, its subsidiary that holds a Major Payment Institution licence from MAS.
The company is building a local footprint as part of its broader push to expand in Asia Pacific.
Featured image: Edited by Fintech News Singapore, based on image by topntp26 via Freepik
