Ayondo Appeals against SGX’s Delisting Notice

Catalist-listed Ayondo, a troubled investment firm, released a notification on Friday stating that it has appealed against the delisting notice it received from the Singapore Exchange (SGX).

According to an order issued by the exchange, Ayondo’s shares would be delisted from the exchange after it makes an exit offer to shareholders. But, in the latest press release, the board of the company informed that it has not received any proposal for an exit offer from any shareholder, and the company currently does not have the cash resources to consider making an exit offer to its shareholders.

A High-Flying Fintech Went Bust

Ayondo offers a broad spectrum of social trading and brokerage services that cover both retail and institutional sectors and claimed to have 210,000 users across 195 countries on its social Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. In addition, it was the first fintech company to launch an initial public offering (IPO) on the SGX.

The company’s shares were suspended from trading on the exchange on February 1, 2019, after it faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its compliance requirements in the United Kingdom.

Before sending the delisting notice the exchange provided an 18 months extension period to the troubled company for the submission of its resumption proposal. However, the latest extension lapsed at the end of last July.

The company missed multiple deadlines for the submission but asked for a further extension of three months till the end of October. However, it did not provide any reason for the extension to SGX Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term that resulted in the rejection of the request.

The Zurich-headquartered company earlier disclosed that it ended 2020 with a total loss of CHF 720,000 without any activity of its trading business. Meanwhile, the group filed for insolvency in Germany and Switzerland.