Trading platform ProsperUs stops accepting new accounts, will shutter on Nov 30
Users have until Oct 31 to close all open positions and mutual fund units; any remaining will be closed or sold by parent company CGS International by Nov 3
[SINGAPORE] ProsperUs, a trading platform owned by financial services provider CGS International, is no longer accepting new account applications, and will shutter on Nov 30.
This was announced by the platform through an e-mail and on its website, which said that a decision had been made to consolidate systems for a more holistic approach to the customers’ trading experience.
The decision to shutter ProsperUs was part of a strategic business direction to consolidate CGS International’s offerings to customers, said Malcolm Koo, chief executive of CGS International Securities Singapore.
“We remain committed to supporting our clients’ investment needs, and they may trade with us on our iTrade platform instead,” he added.
Besides moving to other trading platforms owned by CGS International, existing ProsperUs users may also transfer their holdings to a brokerage operated by a different company.
A schedule on the ProsperUs website shows that no new positions may be opened from Aug 11, with existing positions set to “reduce-only” mode. The last date for customers to get a fee waiver for transferring their holdings is Oct 17, after which there will be a charge.
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Users have until Oct 31 to close all open positions and mutual fund units; any remaining after that will be closed or sold by CGS International by Nov 3.
Customers can withdraw their balances and submit transfer-out requests until Nov 21; the last day they can download statements or documents from the platform is Nov 28.
ProsperUs ceases operations on Nov 30.
“We sincerely appreciate the support of our ProsperUs clients over the years. Prior to the announcement, we already reached out to them to facilitate the process of new account openings and transfer/liquidation of their stock holdings, offering full support in their transitions,” said Koo. More information can be found at the ProsperUs website.
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