TallRock Capital has opened its doors in Singapore after being granted a financial advisers licence by the Monetary Authority of Singapore (MAS).
This is the first such licence handed out to individuals, rather than a large corporation, in around a decade.
Open door policy
The firm is run by British executive director Shane Coelho and South African Greg Atherstone, who holds the directorship and chief executive roles.
They have a combined experience of over 24 years, stretching across the financial services sectors in the UK, Singapore and South Africa.
The duo worked together for six years; first at IFS and then at JPara Solutions, where they built the expat division, before setting up their own venture in October 2019.
TallRock will look to penetrate both the local and expat markets in Singapore, with Atherstone telling International Adviser that the firm “is open to all expats, not just Brits and South Africans”.
Getting the licence
All in all, it took the duo 18 months to secure the licence.
“It wasn’t an easy process,” Coelho admitted. It involved putting together a business plan, completing application forms, providing documentations and consultations with various lawyers.
“I think Singapore is looking for companies and individuals that are going to be around for a long time and have the financial support and backing; not only to support their clients but also the infrastructure that they’re trying to develop in the market.”
Embracing technology
The firm will offer holistic financial planning and has ambitions to harness “the ever-evolving digital and AI world in which Singapore aims to be a world leader”, the duo added.
While TallRock has no specific plans yet on how to integrate AI into its business model, “it is definitely a direction that we want to work towards”, Coelho added.
“And we’ve got the support from the MAS to help us with that.”
