Etoro enters Singapore with MAS license approval

Etoro has officially expanded its services to Singapore after receiving a Capital Market Services (CMS) license from the Singapore Monetary Authority (MAS), the company announced today (Wednesday).

Etro gets a Singapore license

The company’s expansion in Southeast Asia was not a surprise. FinanceMagnates.com first reported on plans for a company registered with NASDAQ last year to seek Singapore licenses. Etro later revealed in his first public offering (IPO) prospectus that he had received principled approval from the Singapore regulator.

Currently, Singapore’s retail investors can access Etro and trade stocks from over 20 stock exchanges.

“Singapore is one of the most dynamic financial markets in the Asia-Pacific region and a gateway to global capital flows,” said Yoni Assia, co-founder and CEO of Etoro.

“Activating CMS licenses is what drives us to open up global markets, connect investors to key voices and provide everyone with the tools they need to grow their knowledge and wealth.”

Earlier this year, Etro appointed Yaki Razmovich as managing director for Singapore and the broader Asia region. He is responsible for building a platform franchise in Singapore and expanding its presence throughout Asia.

Yaki Razmovich, Managing Director of Etro’s Singapore

“Our goal is to support new and experienced investors alike through Etoro’s unique products and user-friendly platform,” added Razmovich.

An expensive expansion drive?

In addition to expanding Singapore, Israel’s FinTech also has other growth plans. As previously reported by FinanceMagnates.com, the platform is expected to begin trading options for non-unit state users later this year. However, since November 2022, it has already provided options trading services to its US customers.

Interestingly, public brokers recently secured a $250 million revolving credit line from major global bank syndicates. The company said the credit line only supports “long-term strategic growth initiatives,” but could be used for expansion and acquisitions.

Meanwhile, Singapore has become an important option for brokers and crypto platforms looking to expand into Asia. Local regulators have recently severely blocked access to XM and OCTA to provide services in the city-state without local licenses.