Swiss online bank Swissquote in March announced it would expand its business to Singapore. The company has now taken the biggest step towards an implementation of its plan.
Swissquote has received its license to do business in Singapore, according to documents available from the Monetary Authority of Singapore (MAS).
The license granted allows the first pure online bank of Switzerland to trade with capital market products and offer custodial services. Damian Hitchen is Swissquote's chief executive officer in the city-state.
Swissquote aims to introduce nine Asian exchange markets on its platform. The company said earlier that the expansion will, together with other strategic moves, lead to a reduction of its full year pretax profit by about 6 million Swiss francs.
