Alpaca Securities Pte. Ltd., the Singapore-based Southeast Asian headquarters of US brokerage infrastructure provider Alpaca, has received in-principle approval from the Monetary Authority of Singapore for a Capital Markets Services licence, as reported on September 29, 2026. If granted, the licence would let the company provide brokerage and custodial services from Singapore to financial institutions across Southeast Asia, adding a regulated route for embedded international investing in the region.
Key Facts At A Glance
- Alpaca Securities Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore for a Capital Markets Services licence.
- Once fully licensed, the entity plans to provide brokerage and custodial services and act as a local counterparty for financial institutions in Southeast Asia.
- The in-principle approval does not give the company any new operating rights.
- MAS may withdraw the conditional approval, and the full licence depends on the company meeting specified conditions.
- Alpaca appointed Rohit Mulani as President of Alpaca Southeast Asia and David Grant as CEO of Alpaca Singapore in May.
- Earlier in September, Alpaca signed an agreement with the Indonesia Stock Exchange to explore foreign securities access for Indonesian brokers.
- Alpaca serves partners in more than 50 countries and supports more than 10 million brokerage accounts.
Alpaca has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services (CMS) licence. The approval clears the way for Alpaca Securities Pte. Ltd., its Singapore entity, to provide brokerage and custodial services and act as a local counterparty for financial institutions across Southeast Asia once it is fully licensed.
The in-principle approval is a conditional step towards the licence. It advances a regional expansion that Alpaca has already begun building operationally but cannot yet launch commercially.
Conditions Attached To The Approval
The in-principle approval does not give Alpaca any new operating rights at this stage. MAS may issue the licence once the company fulfils the specified conditions, provided there are no material adverse developments, and the regulator may also withdraw the conditional approval.
A Singapore CMS licence would support Alpaca’s regional operations but would not automatically authorise it across Southeast Asia. Commercial launches in other countries would remain subject to their local regulatory requirements.
Regional Structure And Leadership
Alpaca set up Alpaca Securities Pte. Ltd. as its Southeast Asian headquarters and assembled a local management team before receiving the conditional approval. In May, the company appointed Rohit Mulani as President of Alpaca Southeast Asia and David Grant as CEO of Alpaca Singapore. Grant is responsible for the local operation, while Mulani leads regional strategy, partnerships and expansion.
Mulani said Singapore is a natural hub for linking the region’s investors to global markets as financial institutions respond to growing customer demand for international investing. Alpaca serves partners in more than 50 countries and supports more than 10 million brokerage accounts.
Related Activity In Indonesia
Earlier in September, Alpaca signed an agreement with the Indonesia Stock Exchange to explore a structure that would allow Indonesian brokers to offer access to foreign securities. The two parties are also examining access to Indonesia for international market participants. Indonesia had 31.14 million capital-market investors at the end of August 2026, according to its Financial Services Authority. That figure covers mutual funds, bonds and other instruments, not only shares, and does not show how many investors want access to US securities.
Publicly available information remains limited. Alpaca has not disclosed a timeline for meeting the licence conditions, the specific conditions MAS has set, or the names of prospective regional partners.