A spokesman said the company was reluctant to give any further details about its plans.
However, sources familiar with Standard Life’s plans said they believed it is hoping to have the licence in place by the middle of 2012.
‘Extending distribution in Asia’
News that Standard Life is preparing to enter the booming Singapore market is in line with statements the company made earlier this year, when, as International Adviser reported in January, it was said to be “exploring the possibility of extending distribution in Asia and into the Middle East”.
Last month, the company unveiled a new single premium investment-linked product for the Hong Kong market.
In seeking to enter the Singaporean market, Standard Life would be joining such established entities in the market as Friends Provident International, Zurich International, Transamerica and Royal Skandia. New to the scene, as of a few months ago, is Generali
The company’s move also comes as sources in Singapore’s financial advisory community report that the issuance of new advisers’ licences by MAS appears to have slowed to a standstill, which, as a number of existing firms have agreed to merge or surrender their licences, is having the effect of beginning to reduce the number of advisory firms in the marketplace. For the life companies, such advisory firms represent an important avenue of distribution.
