Alpaca has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services (CMS) license.
The approval paves the way for Alpaca Securities Pte. Ltd., its Singapore entity, to provide brokerage and custodial services and act as a local counterparty for financial institutions across Southeast Asia once fully licensed.
Alpaca plans to use Singapore as a regional base for its operations as it expands across Southeast Asia.
The company aims to provide local financial institutions and fintech firms with regulated access to its global brokerage infrastructure, which could enable them to offer international investment products to their customers.
“As financial institutions across Southeast Asia look to meet growing customer demand for international investing, Singapore is a natural hub for connecting the region’s investors to global markets,”
said Rohit Mulani, President of Alpaca Southeast Asia.
David Grant, CEO of Alpaca Singapore, leads the company’s local team.
Alpaca serves partners in more than 50 countries and supports more than 10 million brokerage accounts.
Its regulatory footprint spans the US, UK, Japan, India, The Bahamas and 30 countries across the European Economic Area.
The company has raised US$400 million in funding to date to scale its agent-first brokerage and clearing infrastructure.
Featured image credit: Edited by Fintech News Singapore, based on image by digitizesc via Magnific
