MICT Receives In-Principal Approval of Capital Markets Services License from the Monetary Authority of Singapore
The Final CMS License, Expected in the Coming Weeks, Will Allow MICT to Roll Out its ‘Magpie Invest’ Proprietary Stock Trading App Throughout the Singapore Market While Also Enabling it to Expand its Product Range
MONTVALE, N.J., June 16, 2022 (GLOBE NEWSWIRE) -- MICT Inc.’s (Nasdaq: MICT), (the “Company”) subsidiary, Magpie Securities (Singapore) PTE Limited, today announces it has received in-principal approval of a Capital Markets License (“CMS License”) from the Monetary Authority of Singapore (“MAS”). The issuance of the final CMS License is expected from MAS subject to the satisfaction of certain conditions, which Magpie Securities (Singapore) PTE Limited expects to achieve within the coming small number of weeks.
The CMS License application forms part of the Company’s international expansion and roll out strategy for its stock trading and financial services platform. Upon receipt of final approval, the CMS License will allow Magpie Invest to operate throughout Singapore, while also allowing it to accept and onboard clients in a number of other countries. In addition, the CMS License will allow the Company to add multiple new products to the Magpie Invest platform, such as leveraged foreign exchange products and CFDs, including CFDs on commodities prices and crypto-currency prices.
As a further advancement of the global expansion of MICT’s stock trading and financial services business, the Company is progressing an application for a license to operate its platform in Australia, which it aims to achieve as a Corporate Authorized Representative under an Australian Financial Services License. MICT aims to launch its Magpie Invest platform in both Singapore and Australia during Q4 2022.
“Having achieved a superior standard of specification, speed and functionality with Magpie Invest and our underlying proprietary Fintech platform, we have been working on a number of opportunities to introduce our technology and products into other geographical markets, with the aim of globalizing the business. Our success in securing a CMS License in Singapore is an important milestone in our strategy, not only because it allows us to roll out across Singapore and into other territories, but also because it enables us to add seveal new products to our platform and app, such as leveraged foreign exchange, as well as CFDs, including commodity CFDs and cryptocurrency CFDs. The progress we are making with our Australian Financial Services License is another important part of our international expansion plans” stated MICT Chief Executive Officer Darren Mercer.
Alongside MICT’s international expansion plans, the Company is progressing numerous overseas white-label and joint ventures opportunities with several parties in the financial services sector, all of whom have sizeable client-bases. The CMS license allows MICT to add a range of key new functions to the app, which is a further attraction to the Company’s prospective partners. By entering these white-label and joint venture arrangements, MICT expects to benefit from the opportunity to introduce and market its stock trading and financial services app to each partner’s existing substantial client-base, which is expected to accelerate growth in client numbers while also reducing overall cost per acquisition.
MICT is also in the process of applying for a Money Service Operators License (“MSO License”) in Hong Kong to expand its market reach and broaden its product range. Upon receipt, the MSO License will enable MICT to provide payment services and foreign exchange services to clients, allowing the Company to further take advantage of the competitive foreign exchange rates it has access to and to benefit from the addition of a new and potentially significant revenue source.
“The strength of our technology also provides an opportunity to add additional financial services products to our platform and app. Furthermore, our MSO license application and the new permissions included in our CMS License will allow us to significantly expand our offering to clients, for example through the addition of payment services, foreign exchange services and CFDs,” added Mr. Mercer.
About MICT, Inc.
MICT is a Nasdaq-listed, global fintech company founded in 2002. It has three trading platforms operating in several high growth markets: an insurance brokerage, a commodities platform, and now a stock trading platform, Magpie Securities, with the launch of the Magpie Invest Trading App. Subsequently, the launch of Magpie Securities will be announced later in the month of September.
MICT, Inc. (Nasdaq: MICT) operates through its wholly owned subsidiary, GFH Intermediate Holdings Ltd ("GFHI"), GFHI’s various fully owned subsidiaries or VIE structures. GFHI's versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia.
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements. The words “believe,” “may” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, business prospectus, growth strategy and liquidity. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in the Company’s annual report on Form 10-K for the year ended December 31, 2020, and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.