Capital.com has received a licence from the Monetary Authority of Singapore and has also appointed Tony Lim as its local Chief Executive. Lim previously headed the Singapore division of London-listed IG Group for nine years.
London’s trading industry is coming home!
Another Licence for Capital.com
According to regulatory records, Capital.com’s Singapore unit can offer securities, collective investment schemes and over-the-counter derivatives, which are contracts for differences (CFDs).
However, its entry into Singapore was not a surprise. Finance Magnates earlier reported on its possible plans to get a licence there.
Capital.com is also on a spree to acquire new licences and has recently become regulated in South Africa, a market where several other brokers find it expensive to operate.
The broker has previously said it is exploring new licences in several markets, including Japan and Turkey. It is also hiring local CEOs in Brazil and Chile, signalling expansion into those countries.
Recently, the European unit of Capital.com agreed to acquire FxPro’s EU client book, Finance Magnates reported exclusively.
The broker is going beyond CFDs and has launched physical share trading in Europe, with plans to expand it in the UAE and the UK. Based on the licence permissions, the broker is likely to follow the same strategy in Singapore as well.
Singapore Is Attracting Many Big Brokers
Although Singapore is geographically small, the high-income island attracts many CFD brokers, including big brands such as IG, CMC Markets, Saxo and now Capital.com.
Lim separated from IG in early 2024, coincidentally around the same time its current CEO, Breon Corcoran, joined.
Finance Magnates approached both Lim and Capital.com to learn about the broker’s strategy in Singapore, but did not receive any response as of press time.
This article was written by Arnab Shome at www.financemagnates.com.
