The list of regulatory jurisdictions where Plus500 is operating continues to grow. The latest achievement for the company on the compliance front is the addition of a regulatory license in Singapore.
The jurisdiction has been notorious in the industry for being very rigorous when granting regulatory permits. At the same time, the stamp of approval of the Monetary Authority of Singapore is very well respected in Southeast Asia.
Commenting on the news, the CEO of Plus500, Asaf Elimelech, said: ‘We are delighted to be granted this new license in Singapore as we continue to expand globally and increase our potential customer base.”
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“Plus500’s international brand awareness has increased significantly during the last few years and thanks to the new Singaporean license the Company will be able to continue this positive momentum,” he elaborated.
The Israeli fintech company continues to add to its collection of permits. The company now has regulated subsidiaries in the UK, Australia, Cyprus, Israel, New Zealand and South Africa.
Diversifying the geography of Plus500’s business at a time when increasing regulatory crackdown on the industry in Europe is looming is a key strategy. The firm has been actively taking steps to shift away from being largely dependent on revenues from the EU market.
With no certainty about the measures that will be taken by European regulators in the first quarter of 2018, some specific worries about the accessibility of retail financial products to European residents is pushing brokers to diversify.