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Alpaca has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of Abu Dhabi, for its entity Alpaca Clearing & Custody ME Ltd ("Alpaca Middle East"), in respect of its application for a Financial Services Permission.
Alpaca is an agent-first brokerage and clearing infrastructure provider that powers access to traditional and on-chain asset classes. The company said the IPA is a key step toward establishing a regulated presence in the UAE and expanding its support for financial institutions and fintechs across the region.
Subject to obtaining a Financial Services Permission, Alpaca Middle East plans to offer brokerage services and custody for virtual assets within the scope ultimately approved by the FSRA, bringing Alpaca's API-driven brokerage infrastructure closer to partners in the Middle East.
Hatem ElAraby, CEO, Alpaca Middle East
Hatem ElAraby, CEO, Alpaca Middle East said:
"The UAE has emerged as an important hub connecting regional and global capital markets, with a strong ecosystem for financial services and technology. Establishing a regulated presence in Abu Dhabi will allow us to work more closely with institutions in the region and connect them with Alpaca's global brokerage infrastructure. This is an important step in building our long-term presence in the Middle East."
Alpaca has existing relationships with financial institutions and fintech platforms across the Middle East, spanning digital investing, savings and brokerage services.
The company has a regulatory footprint across the U.S., U.K., Europe, Japan, India and The Bahamas, supporting partners in more than 50 countries. It supports over 15 million brokerage accounts across hundreds of fintechs and institutions and is backed by $400 million in funding.
The in-principle approval is not a Financial Services Permission and does not authorise Alpaca Clearing & Custody ME Ltd to conduct Regulated Activities in or from ADGM. The commencement of any regulated services remains subject to the conditions imposed by the FSRA and the grant of the relevant Financial Services Permission.
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