Singapore Test for eToro and Robinhood

Singapore matters because it is the cleanest test of whether eToro’s international playbook can hold off Robinhood once both are competing under the same regulator in the same market. eToro entered with a live CMS licence in July 2025 and a local retail product set that includes global stocks, ETFs, and derivatives. Robinhood chose the same city as its Asia-Pacific base and won in principle approval in April 2026, turning Singapore into a direct fight for the next wave of mobile retail investors.1 2 3 4 5

• The competitive difference is product shape. eToro sells a social investing app where users can browse other traders and mirror their positions with CopyTrader. Robinhood’s core strength is a simpler self directed trading app that grew around zero commission stock trading. In Singapore, that means eToro enters with a more differentiated product than it had in the US.6 8
• The licence matters because Singapore does not let brokers casually test into market. A CMS licence is required for dealing in securities, derivatives, collective investment products, and custody. eToro activated its licence before launch, while Robinhood is still moving from in principle approval toward a full brokerage offering, so eToro has had a timing advantage on the ground.1 2 3 4 5
• This is also bigger than Singapore itself. eToro already had 16% of funded accounts in Asia Pacific before the local launch, so Singapore is a beachhead into a region where it already has some user base. Robinhood is using the city as a regional headquarters, which signals the prize is not one country, but a wider Asia retail investing network built from a regulated hub.2 8

Going forward, Singapore is likely to become the template market for both companies across Asia. If eToro can turn its first mover licence, local team, and social product into dense user activity there, it strengthens the case that international retail brokerage will not be won by the biggest US app, but by the platform that localizes fastest while still feeling global.1 2 8