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CNA Explains: What happens if a Singapore-licensed investment platform goes under?

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On online forums and social media, users highlighted that - unlike for bank deposits - money placed with such investment platforms is not covered by the Singapore Deposit Insurance Corporation's (SDIC) Deposit Insurance Scheme.
The Monetary Authority of Singapore (MAS) has granted an in-principle approval to SDIC Financial Leasing Co, a subsidiary of the State Development and Investment Corporation (SDIC) from China, to establish a finance company in Singapore. This approval allows SDIC Financial Leasing to engage in business activities such as accepting deposits, granting credit facilities, and providing custodial services. This move is part of SDIC's strategy to expand its financial services in Southeast Asia, leveraging Singapore's status as a financial hub. The establishment of this finance company is expected to enhance SDIC's capabilities in offering innovative financial solutions and contribute to the economic ties between Singapore and China.

Read the Full CNA Article at:
[ https://www.channelnewsasia.com/singapore/mas-licence-sdic-investment-chocolate-finance-4995486 ]