CMC Markets (LON: CMCX) has expanded its service in the Asian markets with the soft launch of CMC Invest in Singapore. The new online and mobile trading platform will be available to the existing CFD clients of CMC Markets in Singapore from May 2023, while it will start onboarding new clients from Q3 2023 onwards.
CMC Soft Launches CMC Invest
Announced on Tuesday, the soft launch marks Singapore as the second country in the Asia Pacific for CMC Invest. The investment platform was initially launched last October in the United Kingdom and is also available in Australia.
CMC's ambitions to expand its services in Singapore surfaced earlier this year as it secured a capital markets services license from the Monetary Authority of Singapore. The license has been obtained by CMC Markets Singapore Invest Pte. Ltd. (CMC Invest Singapore), a sister entity of CMC Markets that offers CFDs products in the country.
In Singapore, CMC Invest will offer equities, exchange-traded funds, options, and futures. The platform highlighted transparency without any hidden fees or charges. Additionally, CMC plans to provide wealth management services with the new platform eventually.
"From politics to inflation, investors are currently experiencing a volatile period in the market. More than ever, they need a trusted partner that boasts a strong heritage in providing a reliable, transparent platform to help them navigate uncertain times," said the Head of CMC Invest Singapore, Christopher Forbes, who joined the company last month.
"We are ultimately responsible stewards of our clients' assets, and our fiduciary responsibility is to provide them with an easily-navigable and robust platform, with the right tools and guidance. Investors can also enjoy a repository of research notes and investment insights, which will empower them to make more informed investment decisions."
A Major Financial Services Platform
London-listed CMC ended the first half of the fiscal year 2023 with a net operating income 21 percent higher at £153.5 million. Though the net operating income jumped 27 percent to £128.4 million, net revenue from the investing stream declined by 14 percent to £20.8 million. The group now expects to close the fiscal year with a net operating income between £280 million and £290 million.
The group's expansion plans are also visible in other business areas. CMC Markets Connects, the institutional clients-focused division, recently established an office in Dubai as it eyes to expand in the Middle East.
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