Arki Finance, a Singapore-based wealth management fintech targeting the mass affluent, has received its Capital Markets Services License from the Monetary Authority of Singapore, ahead of its public launch later this year.

In a statement on Monday, Arki Finance said the license would enable its to provide regulated investment advisory and portfolio management services to individual investors in Singapore.

Alongside the license, Arki Finance announced its board and advisory appointments. The Board of Directors will be chaired by Esmond Choo, former Senior Executive Director of UOB Kay Hian, Singapore’s largest retail brokerage.

The Board of Advisors comprises Gerard Lee, former CEO of Lion Global Investors and previously at GIC and Temasek; Rimmo Jolly, former Asia Pacific Head of iShares at BlackRock; Justin Xiao, former executive at Visa and Railsr; and Michael Yip, a veteran investment banker.

David Ng, CEO and Co-Founder of Arki Finance, said the existing options for Singapore’s mass affluent, including bank deposit accounts, insurance-wrapped savings products, and private banking tiers built for the ultra-wealthy, is outdated and Arki is building the alternative.

Ng was previously Deputy CEO of CSOP Asset Management in Singapore, where he helped grow assets under management from $3.7 billion to over $15 billion. Arki Finance was co-founded in 2024 and has been running an invite-only early access program ahead of its public launch.

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