Hong Kong-based Haitong International Securities Group has established its first oversees subsidiary in Singapore.
Monetary Authority of Singapore has granted a capital markets services license to Haitong Singapore in January for dealing in securities and trading in futures contracts.
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Haitong Singapore intends to provide access to financial products available in Singapore, Hong Kong and China for corporate and institutional investors based in Southeast Asia and the Middle East.
Lin Yong, deputy chairman and CEO of Haitong International said: "Singapore is a renowned financial hub with a diversified investor base and deep liquidity in capital markets. Together with its robust regulatory environment, these factors form an important foundation for Haitong International’s global expansion strategy, and enables overseas investors’ participation in China’s growth story."
The recent cooperation between Singapore and China to internationalize the Renminbi (RMB) will increase the demand for RMB-denominated products.
Yong added: "Haitong International is poised to play a unique role in supporting this demand in the long run, as well as contributing to the future development of Renminbi markets in Singapore."
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