London-listed CMC Markets to launch its service in Singapore by the end of Q1 2023
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CMC Markets announced yesterday, January 31st, that it would soon launch its services in Singapore. The new service, known as CMC Markets Singapore Invest, should see its soft launch by the end of the current quarter, according to the announcement.
According to the company, Singapore is a sophisticated market in terms of the financial services industry. This is why the firm decided to expand its services there, as there is a strong corporate governance infrastructure, as well as a reputable regulator. The Singapore launch also demonstrates the firm’s commitment to the region and its people, and CMC Markets is looking forward to bringing its new world-class platform to the local clients.
A major milestone for CMC
The decision to invest was made after the Singapore subsidiary managed to acquire in-principal approval for a Capital Markets Services license from MAS (Monetary Authority of Singapore). This license now allows the company to offer online trading, as well as mobile trading, featuring some of the biggest and most popular globally-listed shares. In addition to them, the firm can also offer futures, ETFs, and options.
CMC Invest Singapore’s head, Christopher Forbes, stated that the announcement represents a major milestone for CMC Markets. More than that, it is a validation of the company, its dedication, efforts, and quality of service.
He added that the business had had a long history with Singapore, offering CFDs for over 15 years, starting in 2007. However, Capital Markets Services License for CMC Markets Singapore Invest will be a game-changer, as it will allow the company to serve its clients with much more robust investment products, such as ETFs and shares, as mentioned.
CMC is obtaining licenses for global expansion
CMC originally launched CMC Invest in the UK back in October, offering it to investors as a separate platform for Capital Markets. The platform features both US and UK-listed shares, ETFs, and a variety of other products that have been in demand.
Receiving the license in Singapore has strengthened the company’s ambitions for global expansion. It is also worth noting that Singapore is not the only place where the firm got the green light — it also managed to obtain the license in Australia.
As for the Singapore subsidiary, CMC Markets Singapore Invest is currently awaiting the final regulatory approval for the license. Once it receives that, it will be able to launch in full, and offer clients zero commission, real-time pricing, and a variety of products.
The company also shared its thoughts regarding the operating income for the financial year 2023, stating that it expects it to be in line with the market expectations.
