[Alpaca's Singapore Subsidiary Receives In-Principle Approval for MAS Capital Markets Services License] According to an official announcement from Alpaca, its Southeast Asia headquarters, Alpaca Securities Pte. Ltd., has received in-principle approval for the Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). Upon meeting the relevant conditions and obtaining the formal license, the company plans to offer brokerage and custodial services in Singapore, targeting Southeast Asian financial institutions and fintech enterprises. Alpaca emphasized that in-principle approval does not equate to a formal license, and related services cannot be conducted at this stage.