Brokerage group Capital.com is in the process of setting up shop in Singapore.
The company is hiring for two roles in the city-state, across risk and compliance.
According to the job specifications for those two roles, Capital.com is “in the process of obtaining [a] license from the Monetary Authority of Singapore.”
Currently traders in Singapore signing up with Capital.com do so via the company’s entity in the Bahamas.
Given that Singapore has adopted the same sort overly burdensome and restrictive rules on CFD trading that other regulators have, it’s often hard to know whether or not it’s actually beneficial to have a local license there.
However, unlike other big offshore providers to Singapore, Capital.com appears to get little traffic from the country. Its app is also not among the top 200 finance app downloads in both the iOS and Android stores in the city state, suggesting it has done little to target traders there.
Singapore is an extremely saturated market at this point, with big players like Moomoo, IG, Plus500, and CMC Markets all heavily targeting the Southeast Asian country.
