CMC Invest Plans to Launch in Singapore in Q1 2023

The end of the first quarter of 2023 is when CMC Markets Singapore Invest, a company with a London listing (LON: CMC), expects to soft launch its services in Singapore.

The decision to invest was made after the Singapore subsidiary received preliminary clearance for a Capital Markets Services licence from the Monetary Authority of Singapore (MAS). The Singaporean company may now provide online and mobile trading of exchange-traded funds, futures, options, and shares with international listing.

“This announcement is a major milestone and validation for CMC Markets,” said Christopher Forbes, the Head of CMC Invest Singapore.

“Our business has been offering CFDs in Singapore since 2007, but the Capital Markets Services Licence for CMSI will allow us to serve our clients with more robust investment products, including shares and ETFs.”

Last October, CMC launched CMC Invest in the UK, a separate platform for the capital markets. It provides shares with US and UK listing, ETFs, and a few more products. Its plans for regional expansion have now been strengthened by the acquisition of a new licence in Singapore. Additionally, CMC’s Invest platform secured an Australian licence.

The ultimate regulatory permission for CMC Markets Singapore Invest’s Capital Markets licence has not yet been granted, nevertheless. Customers using the platform will receive no commission and real-time pricing on the available products.

“We know that Singapore is a sophisticated market when it comes to the financial services industry, and we chose to launch CMC Invest here due to its strong corporate governance infrastructure and regulator. This demonstrates our commitment to Singapore, and we look forward to bringing a new world-class platform to our clients,” said Forbes.

CMC anticipates its operational income for the fiscal year 2023 to be in line with predictions made by the market. The performance metric was weak until the close of 2022, but it made a significant comeback in January. CMC’s net operating income in the first half of FY23 increased by 21 percent annually to £153.5 million. You can read more about the broker in our CMC Markets Review.

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