Alpaca, a New York-based brokerage and clearing infrastructure provider, said its Singapore unit, Alpaca Securities Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore for a capital markets services license.

The decision moves Alpaca closer to offering brokerage and custodial services in Singapore.

Alpaca said the approval supports its expansion in Southeast Asia through a locally regulated entity to serve financial institutions in the region.

The Monetary Authority of Singapore said an in-principle approval is not a license and can be rescinded.

Alpaca said it will provide brokerage and custodial services only after it receives the license.

The move adds to Alpaca’s regulated expansion outside the US. The company said it had expanded access to regulated investment services across Europe through European Economic Area passporting in 29 countries.

🔗 Source: Alpaca