US robo adviser Robinhood Markets Inc has secured approval in principle from the Monetary Authority of Singapore to launch brokerage services in the city state, the firm’s Asia Pacific headquarters says.
The move paves the way for Robinhood to offer a “comprehensive suite of brokerage services in Singapore, including trading of securities, exchange-traded derivatives, custody, product financing, and collective investment funds”, the company says in a statement on April 27.
Robinhood sees “enormous potential to democratise the financial markets for a new generation of investors in Singapore”, according to Patrick Chan, the firm’s Asia head.
He says the city state’s “world-class regulatory environment, high rates of digital adoption, and growing population of retail investors makes it an ideal hub for our mission”.
