Magic Compass Group Launches Singapore Office, Expands Footprint in Southeast Asia
Magic Compass Group, a Hong Kong-based global fintech leader, has inaugurated its new office in Singapore, marking its first venture into the Southeast Asian market. The ceremony, held at their new office in Suntec City’s Tower 3, welcomed over 70 guests, including clients, business associates from the financial sector, and representatives from Singaporean regulatory bodies.
The grand opening of Magic Compass Group’s new office in Singapore marks the company’s strategic expansion into Southeast Asia.
“The opening of our Singapore office represents our initial step into the Southeast Asian market,” said Damian Yu, Chief Executive Officer of Magic Compass Group. Speaking from his office overlooking Singapore’s Central Business District, Yu highlighted the strategic importance of the new location.
Yoyo Lung, founder of MC Markets and supported by Magic Compass Group, expresses her gratitude to the networks and guests attending the grand opening of Magic Compass Group’s new office.
Founded in Hong Kong in 2006, Magic Compass Group has rapidly grown into a key player in the global fintech industry, initially serving the Hong Kong and mainland China markets. The company has since expanded to Europe, East Africa, and Southeast Asia, establishing offices in Cyprus (2017), Lithuania (2018), Seychelles, and Mauritius (2023). Looking ahead, Magic Compass is exploring further expansion into the Middle East, with potential offices in Dubai or Abu Dhabi.
The opening of the Singapore office follows Magic Compass’s participation in the 2024 Dubai Forex Traders Summit in May, where the group engaged with global partners and users to discuss new trends and opportunities in the financial industry. At the summit, Magic Compass showcased its trading interface, real-time quotes, and other value-added services, and was recognized as the Best FX Liquidity Provider.
Damian Yu, CEO of MC Markets, shares the strategic importance of Magic Compass Group’s grand opening in Singapore.
Yu, who has extensive experience in sales, insurance, risk management, and stock and futures trading in the U.S. and China, joined Magic Compass in 2022. He believes the new Singapore office offers an excellent opportunity for the company to serve as a “bridge,” enabling investors in Singapore and Southeast Asia to access the Hong Kong and Chinese markets.
“Our presence in Singapore, a leading business hub in Asia, strengthens our brand and enhances our ability to connect regional investors with broader markets,” added Yu, who holds a master’s degree in finance from the University of British Columbia.
Magic Compass Group, committed to its mission of providing all-in-one reliable financial technology solutions, holds over 36 licenses globally. This includes licenses for securities, futures, foreign exchange, and trusts, ensuring a secure trading environment. The company is licensed by the Hong Kong Securities and Futures Commission and is a member of Hong Kong Exchanges and Clearing Limited, with additional licenses across Cyprus, Seychelles, Lithuania, and Mauritius.
Sean Chou, COO of MC Markets, shares his appreciation and outlines future plans for Magic Compass Group’s new Singapore office.
According to Sean Chou, Chief Operating Officer of Magic Compass Singapore, the company is in the process of joining the Singapore Exchange as a trading member and applying for relevant licenses to operate fully. Chou, a former vice-president of a Hong Kong family office, emphasized that the Singapore office will bring added convenience for clients in Hong Kong by enabling them to diversify their portfolios with Singapore Stock Exchange products and more.
“Our goal is to broaden our business platform to better serve our existing clients,” Chou explained. Following Singapore, the company plans to expand its licensing and operations into neighbouring markets, such as Jakarta and Bangkok.
Chou acknowledged the challenges of operating in other Southeast Asian countries due to language barriers but expressed confidence in overcoming these as the company progresses. The Singapore office is envisioned as Magic Compass’s global “branding office” and “gateway to Southeast Asia,” reinforcing the company’s credibility in the region.
Leaders and key stakeholders from Magic Compass Group engage in networking and discussions during the grand opening event of the Magic Compass Group’s new Singapore office, celebrating the company’s strategic expansion into Southeast Asia.
With over 200 financial instruments and services, including forex, commodities, metals, indices, and cryptocurrencies, Magic Compass caters to a global client base of 5 million users. The Singapore opening is part of a broader strategy to enhance global awareness of Magic Compass’s comprehensive financial services platform.
Yu concluded by noting the company’s understanding of its existing client base and the evolving needs of potential clients in Southeast Asia. “We aim to be a one-stop destination for financial services, meeting diverse needs with a comprehensive suite of solutions,” he said.
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