Lion obtains license to expand FX broker in Singapore

Rick Steves

A significant share of its customers is comprised of “well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong”.

Lion Group has announced its Singapore subsidiary has been granted a Capital Markets Service License from the country’s financial watchdog, MAS.

The Monetary Authority of Singapore’s CMS License allows Lion Singapore to deal in exchange-traded derivatives contracts, over-the-counter derivatives contracts, and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading.

Chunning (Wilson) Wang, CEO of Lion, said: “We are pleased to establish Lion into Singapore and expand our regional Asia presence. As part of our strategic expansion plan, this milestone allows us to explore new business opportunities across Southeast Asia. Singapore is one of the world’s primary financial centers, and we expect this new license to boost our existing CFD and TRS businesses, generating value for our shareholders.”

Lion Group now has licenses in Hong Kong, Singapore, Cayman Islands, and Dubai as the firm expands globally. The company intends to establish its new office and have dual headquarters in Hong Kong and Singapore.

Lion offers contract-for-difference (CFD) trading, insurance brokerage, futures brokerage, and securities brokerage on its platform. The group is also a developer of new growth products that include SPAC sponsorship, NFT, and Metaverse-related initiatives.

A significant share of its customers is comprised of “well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong”.

Earlier this year, Lion Group completed the acquisition of 100% of Lion Fintech Group Limited, which holds 70% voting rights and economic interest in Royal Lion Investment Limited, a company incorporated in the Cayman Islands, which holds 100% interest in Royal Lion Middle East DMCC, which is licensed to carry out proprietary trading in crypto-commodities through the Dubai Multi Commodities Centre (“DMCC”).

Royal Lion Middle East DMCC is the license holder with DMCC that supports FIAT currency. This transaction will allow Lion’s clients to exchange FIAT currencies with crypto currencies on an efficient and secure platform.

“We are pleased to complete this acquisition and expand our trading business into the crypto asset market. As the financial services industry continues to evolve, Lion remains committed to expanding its service offerings to support our clients’ trading needs as we continue to create meaningful value for our shareholders”, CEO Wang said at the time.

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