Alpaca Securities Pte. Ltd., Alpaca’s Southeast Asia headquarters, has received in-principle approval for a Singapore Monetary Authority of Singapore (MAS) Capital Markets Services (CMS) license. Once it meets the relevant conditions and obtains the formal license, the company plans to provide brokerage and custody services to financial institutions and fintech companies across Southeast Asia. Alpaca stressed that the approval is not a formal license and does not yet permit the company to offer those services.