Nomura's investment arm Komainu seeks to acquire Propine to expand into the Singapore market.

Komainu, a joint venture between Nomura Holdings and digital asset security company Ledger, has announced the acquisition of Singaporean custody firm Propine Holdings Pte Ltd to expand its market share in Singapore. However, the acquisition is subject to approval from the Monetary Authority of Singapore (MAS).

Komainu Established as Joint Venture by Nomura and Ledger

Komainu is a regulated digital asset custody and service provider based in Jersey, a British Crown Dependency, with offices in London, Dubai, and Singapore. It is a joint venture between the Japanese investment bank Nomura Securities and digital asset security company Ledger, tailored for institutions to provide secure and compliant digital asset custody services.

Komainu's investors also include Alan Howard of Elwood Asset Management, Galaxy Digital, NOIA Capital, and CoinShares, among others.

Expanding Singapore Market Share through Acquisition of Propine

Singapore-based Propine Technologies Pte Ltd, holding a Capital Markets Services license issued by the Monetary Authority of Singapore under the Securities and Futures Act, offers custody services.

By acquiring its parent company, Propine Holdings Pte Ltd, Komainu is able to secure regulatory licensing in Singapore, expanding its client services. This includes their collateral management service, Komainu Connect, now available to investor clients in Hong Kong, Singapore, Malaysia, Thailand, and Australia.

According to a report by Bloomberg, Komainu's Co-CEO Paul Frost Smith mentioned the company's plans to apply for the Major Payment Institution license (MPI) in Singapore, enabling them to offer comprehensive payment services.