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Hong Kong-based Eddid Financial has received in-principle approval for a Capital Markets Services licence from the Monetary Authority of Singapore (MAS) for its Singapore subsidiary.
The licence, pending final approval, will allow the company to deal in securities and derivatives, provide product financing and custodial services. Eddid plans to establish local offices with dedicated sales and operational teams in Singapore, developing a trading application for Singapore and US stocks and global futures.
Dr Jerry Tse, CEO of Eddid Financial, said: "Singapore's growing importance in the Southeast Asian and international financial markets makes obtaining this license and launching operations there a vital part of our global strategy. The Group has been actively forging partnerships across Southeast Asia, and began providing IPO services to multiple Southeast Asian companies, creating a strong network of partners and clients in the region."
The company, which already holds regulatory licences in Hong Kong and the United States, plans to expand into virtual assets, corporate financing, and fund management in Singapore. Eddid has established partnerships in Indonesia and Vietnam as part of its Southeast Asian expansion.
In Hong Kong, the group holds Securities and Futures Commission licences for types 1-6 and 9 regulated activities. Its US subsidiary, Eddid Securities USA Inc., is registered with the SEC and CFTC and is a member of FINRA, NFA, SIPC and Nasdaq.
