Robinhood Markets (NASDAQ:HOOD) received in-principle approval from the Monetary Authority of Singapore to offer brokerage services.

The Singapore Milestone

The in-principle approval allows Robinhood to offer trading of securities, exchange-traded derivatives, custody, product financing, and collective investment funds through its local entity, Robinhood Singapore Pte. Ltd.

“Singapore’s world-class regulatory environment, high rates of digital adoption, and growing population of retail investors make it the ideal hub for our mission,” said Patrick Chan, Head of Asia for Robinhood.

Singapore will serve as Robinhood’s Asia-Pacific headquarters. The firm’s subsidiary Bitstamp Asia…

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