Swissquote, Switzerland's largest online bank, has secured a licence to do business in Singapore from the Monetary Authority of Singapore (MAS).
The Capital Market Service Licence to operate in Singapore allows Swissquote to trade with capital market products and offer custodial services, according to the city-state's regulator.
The bank profited from a series of growth initiatives and innovative projects. Swissquote acquired Internaxx, a Luxembourg-based bank. The purchase unlocked the European market for Swissquote but the online bank set its sight on a further expansion - taking its business to Asia.
Swissquote aims to introduce 14 Asian exchanges on its platform for trading in real time. Damian Hitchen is Swissquote's chief executive officer in the city-state.
Swissquote Bank announced a dip in its profit for the first half of 2019. The company registered CHF22m ($22.47m) in profit against CHF 25.7m registered in the same period last year. The bank also revealed a steep decline in its cryptocurrency business which impacted its net fee and commission income.
In its financial statement, the Gland, Switzerland-based bank revealed some of the major milestones it had achieved in the first half of the year. The company's profits took a hit as its crypto and forex units dipped.
Operating costs were up by 6.3%, boosted by higher personnel costs following the integration of Luxembourg's Internaxx. The number of staff increased by 65 to 698.
Client assets increased to CHF30.5bn from CHF25.5bn due to the new money inflow and the stock market trend. The number of accounts rose 5.3% to 339,172. Robo advisory accounts added 27% and eForex accounts rose 21%.