Trading platform ProsperUs to end its services in Singapore
SINGAPORE - Local digital trading platform ProsperUs, backed by global investment house CGS International, will end its services here from Nov 30.
The platform, which allows users to trade investment products like equities, exchange-traded funds (ETFs) and mutual funds, announced its exit in a notice to customers on July 27.
Mr Malcom Koo, chief executive of CGS International Securities Singapore, said the move is part of a 'strategic business direction' to consolidate offerings.
'Existing users who want to continue trading with CGS International may transfer their holdings to CGS International's flagship trading platform, iTrade, or open an account on our new trading platform, UP... They may also transfer their holdings to brokerages operated by other firms', he said.
iTrade is an all-in-one platform aimed at seasoned investors who want to trade a broad range of assets – including equities, ETFs, mutual funds and bonds – across global markets.
UP is designed for newer investors seeking to trade US, Singapore and Malaysia-listed stocks, including fractional trading of US and Bursa shares.
'Prior to the announcement, we have already reached out to them to facilitate the process of new account openings and transfer and liquidation of their stock holdings, offering full support in their transitions,' Mr Koo added.
ProsperUs also said in its notice that users will also no longer be able to open new positions from Aug 11. All existing positions will be placed in 'reduce-only' mode, allowing them to sell or transfer their holdings, but not make further purchases.
Clients have until Oct 17 to request a fee waiver for transfers. Standard charges will apply thereafter.
They will have until Oct 31 to close all open positions and sell any mutual fund units. Any remaining holdings will be closed or sold by CGS International from Nov 3.
Withdrawals and transfer-out requests will be accepted until Nov 21, while the last day to download account statements and other documents from the platform is Nov 28.
ProsperUs will be officially decommissioned on Nov 30.
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