DAG Global Hires Tim Davies as CRO

DAG Global, a UK-based financial services company, announced on Monday the appointment of Tim Davies as its new chief risk officer (CRO).

The appointment comes at a time when the company is eying to receive a banking license in the United Kingdom. The company is now turning its regulatory business plans and continues its dialog with the Prudential Regulatory Authority (PRA) for licensing.

Davies is a banking industry veteran and is bringing more than three decades of experience to the UK-based company.

Though the company did not specify his exact roles in the new company, it can be anticipated that he will play a key role in DAG Global’s dialogue with the regulators.

An industry veteran

He has years of Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term experience with an array of major banking and financial institutions, including Rothschild, Midland Bank (now acquired by HSBC), Deloitte, Lloyds TSB, and ICAP.

The press release also highlighted Davies' roles in credit and operational risk management and also his experience and understanding in derivatives, fixed income, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, commodities, and collateralized instruments.

Commenting on the new appointment, Sean Kiernan, chief executive of DAG Global, said: “The recruitment of Tim, an experienced industry leader, is an important step for DAG Global as we build out what we hope will be the UK’s first merchant bank for the digital economy. We are progressing well with our UK banking license application and look forward to being able to bring high touch, responsive banking to a fast-growing and critically underserved digital market.”

DAG is attempting to gain the banking license when demand for crypto specific banks are surging globally. In the US, Silvergate Bank re-established its business, only focusing on digital asset companies. The same trend is also going on in the UK as baking startups like Cashaa popped up.