eToro has officially expanded its services to Singapore after receiving its Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS), the company announced today (Wednesday).
eToro Gets Singapore Licence
The Southeast Asian expansion of the company did not come as a surprise. FinanceMagnates.com first reported on the Nasdaq-listed company’s plans to seek a Singapore licence last year. eToro later revealed in its initial public offering (IPO) prospectus that it had received in-principle approval from the Singapore regulator.
Now, retail investors in Singapore can access eToro locally and trade stocks from over 20 stock exchanges, along with exchange-traded funds and derivatives.
“Singapore is one of the most dynamic financial markets in Asia-Pacific and a gateway to global capital flows,” said Yoni Assia, Co-Founder & CEO at eToro.
“By activating our CMS licence, we are advancing our mission to open the world’s markets, connect investors to leading voices, and give everyone the tools they need to grow their knowledge and wealth,” he said.
Earlier this year, eToro also appointed Yaki Razmovich as Managing Director for Singapore and the broader Asia region. He is responsible for building the platform’s franchise in Singapore and expanding its presence across Asia.
“Our goal is to support new and experienced investors alike through eToro’s unique products and user-friendly platform,” Razmovich added.
An Expensive Expansion Drive?
In addition to the Singapore expansion, the Israeli fintech also has other growth plans. As FinanceMagnates.com reported earlier, the platform intends to launch options trading for its non-United States users later this year. However, it has already been offering options trading services to its US customers since November 2022.
Interestingly, the public broker recently secured a $250 million revolving credit facility from a syndicate of major global banks. Although the company only stated that the credit line would support its “long-term strategic growth initiatives,” it may be used for expansions or acquisitions.
Meanwhile, Singapore has become a key choice for brokers and crypto platforms aiming to expand into Asia. The local regulator remains strict and recently blocked access to XM and Octa for offering services in the city-state without a local licence.
This article was written by Arnab Shome at www.financemagnates.com.
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