CMC Invest Aims Q1 2023 Launch in Singapore

Tuesday, 31/01/2023 | 07:14 GMT by Arnab Shome

The platform received an in-principal Capital Markets license in Singapore recently.

It will offer zero commission and real-time pricing on the offered products.

London-listed CMC Markets (LON: CMC) announced on Tuesday that its services in Singapore, under the entity CMC Markets Singapore Invest, are expected for a soft launch by the end of the first quarter of 2023.

CMC Markets Singapore Invest to Launch Services in Q1

CMC Invest CMC Markets Singapore — Bloomberg

The decision to invest came after the Singapore subsidiary acquired in-principal approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services license. The Singaporean company can now offer online and mobile trading of globally listed shares, exchange-traded funds, futures, and options.

“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.”

Check out the Campfire Session by CMC Markets Connect at the latest FMLS22.

CMC Invest Expanding Geographically

CMC launched CMC Invest, its separate platform for Capital Markets, last October in the United Kingdom. It offers US and UK-listed shares, ETFs, and a few other products. Now, the new license in Singapore has bolstered its ambitions for geographical expansion. Moreover, CMC’s Invest platform obtained a license in Australia.

However, CMC Markets Singapore Invest is still pending final regulatory approval for its Capital Markets license. The platform will offer clients zero commission and real-time pricing on the offered 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.

Meanwhile, CMC is expecting its operating income for the financial year 2023 to be in line with market expectations. Though the performance parameter came in weak towards the end of 2022, it recovered strongly in January. In the first half of FY23, CMC showed a 21 percent yearly increase in its net operating income, which came in at £153.5 million.