Alpaca Securities Pte. Ltd., the Southeast Asia headquarters of Alpaca, has received in-principle approval for a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). Upon meeting all conditions and receiving formal licensure, the subsidiary plans to offer brokerage and custody services to financial institutions and fintech companies across Southeast Asia. Alpaca clarified that in-principle approval does not constitute a formal license, and the company cannot provide regulated services under this preliminary status. The firm must satisfy remaining regulatory requirements before commencing operations in Singapore.