News Nuggets | 10 August: CFI Welcomes MENA's Marketing Head; FCA Cancels Matrix License

Bitdeer and B-Riley Forge $150M Share Purchase Deal

The cryptocurrency mining company, Bitdeer (a spin-off of Bitmain) has entered into an agreement with B. Riley Financial to sell up to USD $150 million worth of Bitdeer’s Class A ordinary shares. According to a filing with the Securities and Exchange Commission (SEC), the agreement grants B. Riley the option to purchase a designated quantity of Bitdeer’s shares within three years.

Additionally, the Class A shares, which have higher voting rights compared to the Class B shares, will offer a stake to B. Riley in Bitdeer’s ownership. Bitdeer has agreed to compensate the firm 0.5% of the transaction value and cover the legal fees for up to USD $50,000.

FCA Cancels Matrix Investments License

The Financial Conduct Authority (FCA) has canceled the authorization of Matrix Investments Limited due to the company's failure to meet the licensing conditions.

Significant concerns arose from Matrix Investments' failure to manage its business prudently, lack of cooperation with the FCA, and neglect to pay the overdue balances. This resulted in the watchdog’s conclusion that Matrix Investments is not a fit and proper entity and does not comply with the regulatory standards.

CFI Welcomes New Marketing Head of MENA

CFI Financial Group, a Dubai-based global multi-asset broker, has announced the appointment of Leen Daoud as the Marketing Head for the MENA region.

With over eight years of experience in the online trading industry, Leen brings vast expertise from her previous roles at Ingot Brokers and CAPEX.com. As the Marketing Head for the MENA region, Leen is expected to spearhead innovative marketing initiatives, fortifying CFI's presence. Her experience and proven track record make her a valuable asset to CFI's team.

"We are delighted to welcome Leen Daoud as our new Marketing Head of MENA," Hisham Mansour, the Co-Founder and Managing Director of CFI Financial Group, commented. "Her extensive experience in the MENA region and passion for delivering exceptional results align perfectly with our commitment to excellence and empowerment.”

France Updates Its Crypto Licensing Regime

France is set to amend its cryptocurrency regulations to align with the pan-European framework, Markets in Crypto-Assets (MiCA). The Autorité des Marchés Financiers (AMF) has outlined new provisions for digital asset service providers (DASPs), which will become mandatory from January 1, 2024.

This ‘enhanced; registration will entail additional requirements, including conflict of interest management, additional disclosure obligations, and stricter guidelines on client assets.

Blue Suisse Embraces MetaTrader 5

Blue Suisse, a financial firm, has adopted MetaTrader 5 for its clientele. Sinan Aslan, the company's Director, has praised the platform for its superior features and user interface. He believes MetaTrader 5 aligns with the company's goal of delivering a top-notch trading experience.

“We believe that MetaTrader 5 is an invaluable tool for achieving this goal. We have taken a giant leap forward by launching MetaTrader 5, which will help us become a leading brokerage firm,” Aslan added.

The new platform supports automated trading strategies, allowing clients to leverage algorithmic trading and benefit from improved trading conditions.

FCA Review on Fund Managers' Value Assessments

Following a review of fund managers' value assessments, the FCA observed improvements in many firms but identified areas that need further enhancement. Since its Asset Management Market Study in 2017, the FCA has been advocating for better value assessments to provide value for money for investors.

Most firms have integrated these suggestions, leading to substantial savings for consumers. However, some firms still need to improve, especially with the Consumer Duty in effect since 31 July.

Mnaara's Shariah-Compliant Investment Platform

The London-based fintech startup, Mnaara.com, focusing on Shariah-compliant investments, has raised a pre-seed amount of $500,000 from investors across the globe.

Mnaara aims to offer users access to global private funds adhering to Islamic finance principles. Saad Adada, the CEO of Mnaara, emphasizes the platform's goal to provide diversification options for those wanting a Shariah-compliant portfolio.

DHF Capital Appoints New CFO

DHF Capital S.A., a global asset management firm, welcomes Ali Jaffari as its new Chief Financial Officer (CFO). Boasting over ten years of experience in the financial sector, Ali will directly report to the CEO, Bas Kooijman.

His primary responsibility will be shaping the financial trajectory of DHF Capital, ensuring stable growth, and devising strategies in line with the company's objectives.

"We are thrilled to welcome Ali Jaffari as the new Chief Financial Officer for DHF Capital’s global operations,” Bas Kooijman, the CEO of DHF Capital S.A., commented. “Ali will play a critical role in shaping the financial direction of the company, ensuring our financial stability, and contributing to our long-term success.”

Equinix Expands in Mumbai

In response to India's booming digital economy, Equinix, Inc. is investing $42 million to establish its fourth International Business Exchange (IBIX) data center, MB4, in Mumbai. This initiative aims to bolster India's digital transformation and support its growing digital economy, which is projected to hit $1 trillion by 2026.

The MB4 will address the surging demand for data center and interconnection services, with its launch scheduled for Q4 2023.

ASIC Considers Extension of Short-Term Credit Intervention Orders

The Australian Securities and Investments Commission (ASIC) has issued ‘Consultation Paper 371’, deliberating on the extension of product intervention orders related to short-term credit facilities and continuing credit contracts.

Initially effective from 15 July 2022, these orders enhance consumer protection by prohibiting the provision of these credit contracts with excessively high fees. If not extended, these orders will lapse on 15 January 2024.