Strategic Decision to Consolidate Trading Services
ProsperUs, a digital trading platform in Singapore that was supported by the global investment house CGS International, has announced its decision to cease all services. The platform, which allowed users to trade a wide range of investment products including equities, exchange-traded funds (ETFs), and mutual funds, informed its customers of the planned shutdown on July 27. The final date for the complete discontinuation of all services is set for November 30. This strategic move, according to Malcom Koo, the CEO of CGS International Securities Singapore, is part of a “strategic business direction” focused on consolidating the company’s service offerings. The decision means that CGS International is streamlining its business to focus on a more unified platform, aiming to provide a more cohesive experience for its clients in a highly competitive digital trading landscape. This consolidation is likely intended to optimize resources, reduce operational complexities, and strengthen its core product offerings.
Facilitating a Smooth Transition for Existing Users
To ensure a seamless transition for its current user base, ProsperUs has outlined several options for customers to continue their trading activities with CGS International. Users can choose to transfer their existing holdings to the company’s flagship trading platform, iTrade, or opt to open an account on a new platform named UP. For customers who prefer to move their assets elsewhere, the platform is also facilitating the transfer of holdings to other brokerages. CGS International has confirmed that it has already taken a proactive approach by reaching out to all affected users to provide comprehensive support throughout this transition period. This includes assistance with opening new accounts, transferring stock holdings, and liquidating positions. The company’s commitment to facilitating this process underscores its dedication to client retention and ensuring a smooth, hassle-free transition despite the platform’s closure.
Clear Deadlines for Account Closure and Asset Transfer
The company has established a series of clear deadlines for all users to manage their accounts and assets before the final closure. Starting on August 11, users were no longer able to open new positions, with all current positions transitioning to a “reduce-only” mode. This allows for the sale or transfer of holdings but prohibits any further purchases. To encourage a timely transition, clients are eligible to request a fee waiver for transfers until October 17, after which standard charges will be applied. All open positions must be closed, and any remaining mutual fund units must be sold by October 31. Any holdings that remain in the accounts after this date will be automatically closed or sold by CGS International starting on November 3. The final date for all withdrawal and transfer-out requests is November 21, and users have until November 28 to download their account statements and other essential documents before the platform is officially decommissioned on November 30.
