Leading forex broker eToro has applied for a regulatory license from the Monetary Authority of Singapore (MAS).
The expansion and outreach to Singapore-based clients are in line with the company's strategic goals to increase its presence in Asia and its intention to operate in compliance with the regulator's rules, WikiFX reported.
The MAS license will allow eToro to raise its profile in the region and gain the trust of Singaporean investors. The license will be the first brokerage license in Southeast Asia.
The Israeli broker confirmed the application to the Singapore regulator, but did not provide further details.
The broker eToro is licensed and active in the UK, USA, France, Spain, Italy, Cyprus, Netherlands, Australia, Malta, UAE, Seychelles, and Gibraltar.
eToro's quest to expand in Singapore seems strategic, as Singapore is considered to be a lucrative region, and several cryptocurrency exchanges have already obtained licenses and started operations here.
eToro has around 3 million accounts and manages around $11.3 billion in client assets. The social trading platform has gained widespread popularity among investors and traders. It offers users access to a wide range of financial instruments, including stocks, cryptocurrencies, forex, indices, and commodities.
In addition, eToro is considering a second attempt to go public in the United States. 70 percent of the company's revenue was tied to clients in Europe. However, the broker is looking to expand into other jurisdictions, considering a listing in the US and operations in Asia.
