Eddid Financial Receives In-Principle Approval for Singapore Capital Markets Services License
Eyes Southeast Asian Expansion
HONG KONG, Nov. 29, 2024 /PRNewswire/ -- Eddid Financial (the "Group"), an all-encompassing financial group, announced that its wholly-owned subsidiary in Singapore, Eddid Financial Singapore Pte. Ltd., has received in-principle approval (IPA) for Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS). This license, once officially approved, opens doors to a wide array of services, including dealing in capital markets products including securities and derivatives, product financing and providing custodial services, marking a significant step into the local market. The Group strives to leverage Singapore as a hub to further expand its business across Southeast Asia.
The Group intends to establish a complete business ecosystem in Singapore, including local offices and dedicated sales and operational teams. A bespoke trading application for Singapore operations is also in the pipeline, promising one-stop trading services for Singapore stocks, U.S. stocks, and global futures etc. In the future, the Group aims to expand its local business footprint to include virtual assets, corporate financing, and fund management, extending its consistent one-stop concept into Southeast Asia.
Leveraging its extensive experience in global financial markets, the team plans to apply successful models from the Hong Kong SAR and U.S. markets to Singapore. Eddid Financial has actively explored Southeast Asian markets in recent years, establishing strategic partnerships in Indonesia, Vietnam, and other regions. Singapore, as a crucial financial hub in the region, will serve as the Group's business base in Southeast Asia, laying a solid foundation for expanding its business footprint in the region.
Dr. Jerry Tse, CEO of Eddid Financial, stated, " 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. Our official debut in the Singapore market will link our diverse business operations across Southeast Asia, fostering synergies and propelling the Group's regional growth."
About Eddid Financial
Anchored in Hong Kong, Eddid Financial is an all-encompassing financial group centered around fintech and dedicated to integrating cutting-edge artificial intelligence technologies and other latest technologies into its enterprise DNA. The diversified businesses of Eddid Financial range from retail to institutional and include but are not limited to fintech, internet finance, wealth management, asset management, investment banking, and virtual assets. Eddid Financial is committed to providing one-stop financial services and products to customers through high-quality investment solutions.
Members of the Group hold a variety of licenses and memberships across key financial markets. These include Hong Kong Securities and Futures Commission (SFC) regulated activities ("RA") licenses for types 1, 2, 3, 4, 5, 6, and 9; SEHK and HKCC participant (OTP-C broker number: 0974 and 0977), Insurance Broker Company license; Trust or Company Service Provider License in Hong Kong. Additionally, our fully owned U.S. broker-dealer subsidiary, Eddid Securities USA Inc., maintains approved membership with the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), and the Securities Investor Protection Corporation (SIPC), and the Nasdaq Stock Market LLC (NQX), and is a registered broker dealer with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States.
SOURCE Eddid Financial
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