Zurich-based engineering and investment solutions provider Leonteq AG has received a capital markets licence from the Monetary Authority of Singapore (Mas) for its wholly-owned subsidiary Leonteq Securities (Singapore).
The firm's sales and distribution team in Singapore was established in 2012 and will now be able to operate as an independent business entity licensed to deal in securities, and to expand its range of structured products and services under its own name.
The firm said that Leonteq Securities (Singapore) will serve as the company's hub in Asia and that it intends to invest further into the local business and staff.
"We are committed to a long-term investment in this growing market and are optimistic about further developments in the region," said Jan Schoch, CEO of Leonteq. "We intend to further grow our market share in Asia thanks to our new hub in Singapore."
Leonteq Securities (Singapore) which currently comprises 15 staff will move into new premises in the central business district of Singapore in the course of the year.
In addition to Singapore, Leonteq's business in the Asia region includes Leonteq Securities (Hong Kong) Limited which was founded in 2010.
In its 2013 results, Leonteq said its sales and distribution of its white-labeling-partners' products in the Asia region contributed approximately 15% to the firm's total operating income in 2013.