Robinhood has won preliminary approval from Singapore regulators to roll out brokerage services in the city-state, Bloomberg reported on 23 Apr, as the US retail trading platform continues to expand internationally.
The clearance from the Monetary Authority of Singapore (MAS) covers areas including securities dealing, exchange-traded derivatives, custody, financing products and collective investment schemes, with Singapore set to become the company's Asian hub.
Robinhood, a California-based brokerage and trading firm, has been pushing beyond its home market as it looks to build its "super app" strategy. The term is used broadly to describe an approach that bundles several services into one platform, often centred on investing, shopping or messaging.
Robinhood flagged plans to enter Asia in 2024. It has since gained approval to provide crypto services in Singapore through Bitstamp and bought two Indonesian brokerages last year. The approval adds to competition among global brokers targeting Asia's rising retail investor base.
Despite the regulatory win, shares of Robinhood fell 5.82% on 23 Apr to close at $83.28 on Nasdaq, tracking a wider market selloff as renewed Middle East tensions rattled sentiment amid a fragile ceasefire.
