MICT Receives In-Principal Approval of Capital Markets Services License from the Monetary Authority of Singapore
June 16 2022 - 9:30AM
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 several 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.
Forward-looking Statement
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.Contact information:Tel: (201)
225-0190info@mict-inc.com
MICT (NASDAQ:MICT)
Historical Stock Chart
From Jun 2024 to Jul 2024
MICT (NASDAQ:MICT)
Historical Stock Chart
From Jul 2023 to Jul 2024