(April 23): Robinhood Markets Inc received an initial regulatory stamp of approval in Singapore to offer brokerage services, further expanding the financial-technology company’s global footprint.
The Monetary Authority of Singapore gave Robinhood in-principle approval to start the trading of securities and exchange-traded derivatives as well as offering custody services, product financing and collective investment funds, the company said in a statement seen by Bloomberg News.
“Singapore’s world-class regulatory environment, high rates of digital adoption and growing population of retail investors make it the ideal hub for our mission,” Patrick Chan, Robinhood’s head of Asia, said in the statement.
Menlo Park, California-based Robinhood first announced it would be expanding into Asia in December 2024, eyeing Singapore for its headquarters. Since then, the firm has obtained licensing from the Monetary Authority of Singapore to offer crypto-trading services through subsidiary Bitstamp in the city-state. It also acquired two Indonesian brokerages last year.
Robinhood is expanding internationally as it seeks to become a financial “super app,” used by customers for all of their finance needs, from banking and investing to retirement.
Singapore’s newest regulatory nod paves Robinhood a way to cash in on a booming population of Asian retail investors raring to bet on buzzy overseas stocks. It also sets it among the ranks of other global brokerage giants such as Interactive Brokers Group Inc, which have made forays into the city-state to offer crypto-trading services to users based there.
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