Plus500 (which does not offer spread betting) has announced a significant expansion in the scope of its global operations. The company, which is listed on AIM and regulated by the FCA, will now be able to operate in the Singapore market following the awarding of a licence to conduct business in the country by the Monetary Authority of Singapore. The company will be operating under the name of a specially-created subsidiary, Plus500SG Pte.Ltd, in Singapore.
Prior to gaining its Singapore approval, the company was listed in and regulated by six other jurisdictions around the globe: the United Kingdom, Cyprus, South Africa, New Zealand, Israel and Australia. Now that it has been awarded a Capital Markets Services licence, Plus 500 will be able to extend its securities and leveraged forex services to the city-state, which is one of the most prosperous economies in Asia.
Speaking to the media about the development, the CEO of Plus500 Ltd., Asif Elimelech, said that the expansion into the Singapore market was a clear demonstration of the company’s scalability, both from a business perspective and a regulatory standpoint. The decision to apply for the Singapore permit fits in with what appears to be the company’s strategy of expanding its customer base and ensure that its income is diversified in numerous geographical areas, which should secure the company’s status long term.
Currently, the Plus500 online financial trading platform makes it possible for retail customers to buy and sell CFDs using more than 2,200 variable financial instruments, including share options, equities, index trading, commodities, forex, options and cryptocurrencies. “Availability subject to regulations,” as cryptocurrencies are not available to retail clients in the UK.
There is no doubt that Plus500 has been gaining more recognition in recent years for its international brand, and the positive publicity and momentum earned from this expansion into Singapore will be a boost for the company going into what could be a difficult New Year as the regulatory landscape continues to shift.