LOGISTICS company CWT Limited said a subsidiary under its financial services arm, Straits Financial Group, has been granted the full capital market services (CMS) license for trading in futures contracts by the central bank.
This allows the subsidiary, Straits Financial Services Pte Ltd (SFSPL), to offer a full and complete suite of financial and commodity derivatives, including centrally cleared over-the-counter (OTC) contracts and contracts-for-differences. SFSPL will also be able to expand its customer base beyond the "accredited investors" and "corporate expert investors" category.
SFSPL previously operated under a partial CMS license granted by the Monetary Authority of Singapore in 2014, which allows it to conduct regulated activity of trading only in commodity derivatives.
Together with CWT's capability in logistics management and global warehousing facilities, Straits Financial Group is strategically positioned to provide an integrated one-stop service and deliver a seamless customer experience on both physical and hedging needs, CWT said.
"This marks a significant milestone for the Straits Financial Group," said CWT chief executive Loi Pok Yen. "With fully-licensed entities in the USA and in Singapore, Straits Financial is well poised to serve its clients in both the western and eastern hemisphere."