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Singapore’s financial regulator has given the green light to Noah Holdings Singapore Pte, a wholly owned subsidiary of Noah Holdings, to deal in capital markets products and provide custodial services. 

The Capital Markets Services licence was granted by the Monetary Authority of Singapore. 

The MAS licence also allows the firm to provide financial advisory on capital markets products that are securities, units in a collective investment scheme and life policies, and arranging contracts of insurance in respect of life policies, other than contracts of reinsurance, Noah said in a statement.

"Singapore plays a strategic role in Noah's overall expansion in servicing our clients' overall wealth management needs. With the issuance of the CMS licence, Noah will continue to draw on our strengths to serve Noah's high net worth clients with an expanded suite of investment and wealth management solutions in Singapore," Noah Singapore CEO, Tao Thomas Wu, said.

According to 2019 fourth-quarter annual report results released by Noah, Noah has a cumulative allocation scale of RMB686.7 billion ($96.8 billion) and a total of 293,760 high net worth clients. 

Noah manages businesses in diversified products such as private equity investments, real estate fund investments, open market investments, family wealth and discretionary businesses.