Chinese securities firm Haitong International Securities expands with its first overseas office in Singapore.

Haitong International Securities, the international business arm of Chinese securities firm Haitong Securities, has opened its first overseas division in Singapore. Clients of Haitong International include high net worth individuals. 

Launched in 22 January 2014, Haitong International Securities Group (Singapore) was created after the Monetary Authority of Singapore granted its parent a capital markets services licence to deal in securities and trade futures contracts. 

"Singapore is renowed financial hub with a diversified investor base and deep liquidity in capital markets. Together with its robust regulatory environment, these factors form on important foundation for our global expansion strategy while enabling overseas investors to participate in China's growth story," said Dr Lin Yong, deputy chairman and chief executive of Haitong International, in a statement.

The demand for Renminbi-linked products continues to increase as the currency expands into international markets. According to data from the MAS, the volume of RMB deposits in Singapore has grown over 70 per cent over a ten-month period to RMB172 billion ($28.4 billion) as at October 2013. Singapore was also given RMB50 billion in the latest round of the RQFII programme. Latest information from ICBC Singapore also shows that in the last seven months of 2013 the total amount of RMB cleared in the city-state amounted to RMB2.6 trillion.

Haitong International unveiled its first RMB-denominated fund in Hong Kong in 2010. It provides financial services for over 4.6 million retail clients and more than 12,000 institutional and high net worth clients. Its branch network before Singapore covered China, Hong Kong and Macau.