The Monetary Authority of Singapore (MAS) has revoked the Capital Markets Services (CMS) Licence of Xen Capital Asia Pte Ltd (XCAPL).

The regulator has also reprimanded Xen Capital Asia’s Executive Director and former Chief Executive Officer, Ms Katrina Marie Ku Cokeng, for breaches of the Securities and Futures Act (SFA), Securities and Futures (Licensing and Conduct of Business) Regulations (SFR), Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences Margins) Regulation (FMR), MAS Notice on Lending of Singapore Dollar to Non-Resident Financial Institutions for Holders of CMS Licence (SFA 04-N04), and its licence conditions.

The breaches occurred despite MAS sending multiple reminders to XCAPL to make the relevant submissions or to furnish MAS with the required information.

The company failed to submit its:

• audited financial statements for financial years 2022 and 2023;
• quarterly returns for financial year 2024 and for quarter ended 31 March 2025; and
• monthly Outstanding Singapore Dollar Credit Facility submissions for January 2024 to March 2025.

The company also failed to notify of:

• its change of principal place of business;
• the resignation of an ED; and
• it having less than two full time appointed representatives in respect of each relevant regulated activity the Company is licensed to conduct under the SFA.

Further, the company failed to put in place a compliance function that is commensurate with the nature, scale and complexity of its business; and to ensure payment of its annual corporate fees for financial year 2024.

As an executive director of XCAPL and subsequently its sole remaining director, Ms Cokeng was responsible for ensuring XCAPL’s compliance with MAS’ regulatory requirements and licence conditions. MAS found that Ms Cokeng was aware of XCAPL’s breaches, and that she had failed to take adequate measures to ensure that XCAPL complied with MAS’ regulatory requirements.