US fintech firm Robinhood has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to offer brokerage services.

The IPA paves the way for Robinhood to offer a comprehensive suite of brokerage services in Singapore, including trading of securities, exchange-traded derivatives, custody, product financing, and collective investment funds, the firm said in a statement on last Thursday.

Singapore serves as Robinhood’s Asia-Pacific headquarters, supporting its broader goal of building the world’s leading financial ecosystem.

The firm’s presence in the region is further strengthened by our subsidiary, Bitstamp Asia Pte. Ltd., which holds a Major Payment Institution (MPI) license from the MAS.

By establishing a local footprint, Robinhood aims to provide investors in Singapore with the tools and access they need to participate in the global economy, furthering our mission to democratize finance for all.

“Singapore’s world-class regulatory environment, high rates of digital adoption, and growing population of retail investors make it the ideal hub for our mission,

“We see enormous potential to democratize the financial markets for a new generation of investors in Singapore,” said Patrick Chan, Head of Asia for Robinhood.

An in-principle approval (IPA) reflects MAS’ view that a license may be issued to the applicant, Robinhood Singapore Pte. Ltd. (RHSG), upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant.

An IPA does not constitute a license for RHSG to provide brokerage services at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.

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