Key Insights
- eToro has applied for a license from Singapore’s financial regulator MAS as part of its international expansion
- The Israeli-headquartered firm is seeking to bolster its regulated presence in the fast-growing Asian financial hub
- eToro’s Singapore licensing push comes as it also eyes a potential public listing in the United States
SINGAPORE (MarketsXplora) – eToro, the global multi-asset brokerage platform, has set its sights on Singapore as part of its international expansion strategy, applying for a license with the city-state’s financial regulator, the Monetary Authority of Singapore (MAS).
The Israeli-headquartered broker confirmed to MarketsXplors that its application with MAS is “in process,” as it looks to expand its regulated footprint in Asia following approvals in other key markets around the world.
eToro, which operates with various licenses globally, including in the United Kingdom, Cyprus, the United States and the United Arab Emirates, is aiming to bolster its presence in Singapore, a fast-growing financial hub that has emerged as a magnet for crypto firms and online trading platforms.
“Obtaining a license from the MAS would be a significant milestone in eToro’s global expansion strategy, allowing us to provide our services to investors in Singapore while adhering to the highest regulatory standards,” an eToro spokesperson said.
The company, which started out as a pioneer in the copy-trading space but has since diversified into stocks, commodities and cryptocurrencies, currently boasts around 3 million customer accounts and manages $11.3 billion in assets.
eToro’s move to Singapore comes as the city-state has emerged as an increasingly attractive destination for global financial firms. Several major crypto exchanges and online brokerages have already secured licenses from MAS in recent years, drawn by Singapore’s robust regulatory framework and investor-friendly environment.
“Singapore has positioned itself as a hub for regulated financial activities, and eToro’s application demonstrates the company’s commitment to expanding in Asia while prioritizing compliance,” said Joel Kukemelk, a Singapore-based fintech analyst at Novus Capital.
The application also underscores eToro’s broader ambitions to further expand its global footprint. The company, founded in 2007, has already accumulated a presence in over a dozen countries, including the UK, Cyprus, the Netherlands, France, Spain, Italy, Malta, the UAE, Australia, Seychelles, the US and Gibraltar.
Notably, eToro has also been eyeing a potential public listing, likely in the United States, after an earlier attempt to go public via a reverse merger with a blank-check company fell through. The company is said to be considering a valuation of over $3.5 billion for its latest public offering plans.
“The Singapore license application could be a strategic move to further strengthen eToro’s credentials as it explores a fresh public listing, given the city-state’s reputation as a well-regulated financial center,” Kukemelk added.
While eToro has found success in Europe, which accounts for around 70% of its revenues, the company is also banking on the vast potential of the US market, which it sees as offering “deep liquidity and deep awareness” for a public listing.
The development comes as eToro has also faced some regulatory hurdles in certain jurisdictions. Last week, the Philippines’ regulator issued a warning against the broker, alleging that it was offering services to local residents without proper authorization. However, eToro has maintained that it has “no local presence” in the Philippines and does not actively promote its services there.