The resignation of the CEO of Capital as well as a former Aussie investment manager charged with fraud.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
HSBC’s Hong Kong Subsidiary Limits
Crypto Firms to ‘Simple’ Accounts
Hang Seng Bank, a subsidiary of HSBC in
Hong Kong, has reportedly restricted the bank accounts which cryptocurrency companies
can open in the country. However, the bank has not disclosed the limitations
the accounts will have.
According to a report by Coindesk,
cryptocurrency companies based in Hong Kong are reportedly struggling to get a
bank account due to the reluctance of financial institutions and the limited staffing at the Securities and Futures Commission. This is despite the country
allowing companies to offer crypto services in the country.
The Hong Kong Monetary Authority (HKMA) recently urged major banks, including HSBC, Standard Chartered, and Bank of
China, operating in Hong Kong to accept cryptocurrency exchanges as clients.
This step is part of Hong Kong’s efforts to make the country a crypto hub.
DataArt and KX Partner to Enhance
Cloud-Based AI Services
The global software engineering company, DataArt has partnered with KX, the creators of the Artificial
Intelligence (AI) database, to address the challenges encountered when
moving real-time analytics data, machine learning (ML), and artificial
intelligence workloads into the cloud.
Some of the challenges include the high
cost and the inadequate performance of data-intensive applications. The
partnership will initially focus on the capital markets and the financial
services sector.
CVMV Issues Warnings against Ten Firms
The National Securities Market
Commission (CVMV) has issued a warning against ten companies allegedly
operating without its registration. The regulator announced today (Monday),
saying the companies were not authorized to provide investment services.
The mentioned firms are PRO TRADE,
SWIFTECFX, OKMIU LIMITED, FUNDSTRADEFX.COM, BINA XBT, BAER GROUP, FINEX TRADER,
SMART LIFE DIGITAL, BITBRIDGES, and STARTRADER.
Bitcoin Bank Breaker under
BaFin Investigation
The German
financial regulator, BaFin has issued a warning regarding Bitcoin Bank Breaker,
a platform offering trading of financial instruments via the website
bitcoin-bankbreaker.com. The regulator suspects that the operators of the site
are providing financial or investment services without the requisite
permissions.
As the
operators have not provided complete company details on their website, this has
raised some suspicion. BaFin emphasizes that anyone offering banking, financial, or
securities services in Germany must obtain permission from them. Investigations
are ongoing based on section 37 (4) sentence 1 of the German Banking Act.
FCA Announces 14-point
Action Plan for Cash Savings
FM, Financial Conduct Authority
The UK's
Financial Conduct Authority (FCA) has unveiled a 14-point action plan aimed at
ensuring that banks and building societies pass on interest rate rises
appropriately to savers. The plan also requires institutions to improve
communication with customers and offer better savings rate deals.
This
follows a review of the cash savings market, which revealed slower interest
rate rises for easy-access accounts compared to other accounts. Institutions
with the lowest savings rates must justify these rates per the Consumer Duty in
force. If unable to provide a satisfactory justification, the FCA may take
action. The plan also requires better communication with customers about their
options.
Safe Trust Wealth Operates
Unregistered and Not Based in NZ
The website
of Safe Trust, www.safe-trust.net, has raised concerns as it claims to be based
and regulated in New Zealand, offering investment packages.
However,
the entity is neither registered on the Financial Service Providers Register
(FSPR) nor licensed by the Financial Markets Authority (FMA), casting doubt on
its credibility. The FMA suspects that Safe Trust may be running a scam and
advises caution when interacting with the entity.
Deutsche Bank Expands
Investment Banking in South Korea
Deutsche
Bank has announced an expansion of its investment banking capabilities in South
Korea and is re-entering the local debt capital market. This move is marked by
strategic appointments, including hiring Adele Moon as the Head of Debt Capital
Market (DCM) for South Korea.
Based in
Seoul, Moon will work towards expanding Deutsche Bank's client footprint and
augmenting its robust advisory business. The bank has also hired Shinna Oh to develop relationships with corporates and global sponsors in Seoul.
This strategic recruitment underscores Deutsche Bank's commitment to strengthen
its South Korean financial market position.
MAS Plans to Boost
Anti-Money Laundering Defences
The
Monetary Authority of Singapore (MAS) is initiating a public consultation on a
revised framework to strengthen surveillance and defense against money
laundering risks in Singapore's Single Family Office (SFO) sector. The new
framework will introduce a harmonized class exemption for SFOs with specific
anti-money laundering requirements.
To qualify
for the class exemption, SFOs must meet certain criteria, including being
incorporated in Singapore and maintaining a business relationship with a
MAS-regulated financial institution for anti-money laundering checks. The
proposed framework aims to monitor better SFOs operating in Singapore and
mitigate any money laundering risks.
ICE Delists Bakkt Bitcoin Contracts
Intercontinental Exchange (ICE) has delisted all Bakkt Bitcoin futures contracts, except for the ones expiring in August and September, and Bakkt Bitcoin options contracts from last Friday. The exchange operator announced that it will no longer list Bakkt Bitcoin futures and options on its platform.
"The August and September 2023 expiry months will continue to be listed for trading through their regular Last Trading Days, which are August 24 and September 28, 2023, respectively," the announcement added.
New Zealand's FMA Announces New Market Standards
New Zealand's regulator, the Financial Market Authority (FMA), announced on Monday standards designated Financial Market Infrastructures (FMIs), which are multilateral systems enabling electronic payments and financial market transactions.
The new standards will come into effect on 1 March 2024 and were issued following two rounds of public consultation.
"Most of us don't think about the underlying infrastructures we rely on for daily economic life, but we can be severely impacted when something goes wrong," said New Zealand central bank's Deputy Governor, Christian Hawkesby. "If a designated FMI failed or encountered problems, electronic payments and financial market transactions could be severely disrupted. This, in turn, could have flow-on impacts for New Zealanders, our financial system, and the wider economy."
The CEO of Capita, Jon Lewis to Retire
Jon Lewis, who has been heading Capita as the CEO and Director since December 2017, has decided to retire and will step down from his role at the end of 2024. He will remain with the company until July 2024 to ensure a smooth transition of responsibilities. Capita has named Adolfo Hernandez as the CEO designate.
Jon Lewis, CEO at Capita
"It has been a privilege to lead the turnaround of Capita over the past five years," said Lewis. "I remain fully committed to delivering the Group's strategy and enabling a smooth transition to Adolfo as the new CEO over the coming months."
Former Aussie Investment Manager Charged for Fraud
Brett Paul Trevillian, a former investment manager in Australia, is facing four charges for making a false document to obtain a financial advantage. He was arrested on 20 July on an arrest warrant obtained by the Australian Securities and Exchange Commission (ASIC) and was released on bail on 28 July.
According to ASIC, Trevillian, who served as the Director of Metal Alpha Pty Ltd and the former investment manager of Trading Life Services Pty Ltd, created four forged portfolio performance verification reports between May 2019 and October 2019 and provided them to potential investors. All of these documents are allegedly fraudulent.
Trevillian is now looking at a maximum prison time of ten years for each charge.
Payment Platform Optty Adds Crypto Gateway
Optty has partnered with Triple-A, a licensed crypto payment gateway, to add cryptocurrency options to its existing payments platform. It will leverage Triple-A's white-label crypto payment gateway to broaden its payment options.
Triple-A is a crypto payment gateway licensed and registered in Singapore, Europe, and the United States.
"As the world's first true universal payments platform, Optty is agnostic and supportive of payments inclusion, a unique position that is designed to help retailers offer more choice than ever at checkout," said Natasha Zurnamer, the Founder and CEO of Optty.
"With one simplified integration, not only can retailers access over 90 BNPLs and local payment methods in over 120 countries — they can now switch on crypto payments, a natural progression in our aim to simplify payments for retailers all over the world."
HSBC’s Hong Kong Subsidiary Limits
Crypto Firms to ‘Simple’ Accounts
Hang Seng Bank, a subsidiary of HSBC in
Hong Kong, has reportedly restricted the bank accounts which cryptocurrency companies
can open in the country. However, the bank has not disclosed the limitations
the accounts will have.
According to a report by Coindesk,
cryptocurrency companies based in Hong Kong are reportedly struggling to get a
bank account due to the reluctance of financial institutions and the limited staffing at the Securities and Futures Commission. This is despite the country
allowing companies to offer crypto services in the country.
The Hong Kong Monetary Authority (HKMA) recently urged major banks, including HSBC, Standard Chartered, and Bank of
China, operating in Hong Kong to accept cryptocurrency exchanges as clients.
This step is part of Hong Kong’s efforts to make the country a crypto hub.
DataArt and KX Partner to Enhance
Cloud-Based AI Services
The global software engineering company, DataArt has partnered with KX, the creators of the Artificial
Intelligence (AI) database, to address the challenges encountered when
moving real-time analytics data, machine learning (ML), and artificial
intelligence workloads into the cloud.
Some of the challenges include the high
cost and the inadequate performance of data-intensive applications. The
partnership will initially focus on the capital markets and the financial
services sector.
CVMV Issues Warnings against Ten Firms
The National Securities Market
Commission (CVMV) has issued a warning against ten companies allegedly
operating without its registration. The regulator announced today (Monday),
saying the companies were not authorized to provide investment services.
The mentioned firms are PRO TRADE,
SWIFTECFX, OKMIU LIMITED, FUNDSTRADEFX.COM, BINA XBT, BAER GROUP, FINEX TRADER,
SMART LIFE DIGITAL, BITBRIDGES, and STARTRADER.
Bitcoin Bank Breaker under
BaFin Investigation
The German
financial regulator, BaFin has issued a warning regarding Bitcoin Bank Breaker,
a platform offering trading of financial instruments via the website
bitcoin-bankbreaker.com. The regulator suspects that the operators of the site
are providing financial or investment services without the requisite
permissions.
As the
operators have not provided complete company details on their website, this has
raised some suspicion. BaFin emphasizes that anyone offering banking, financial, or
securities services in Germany must obtain permission from them. Investigations
are ongoing based on section 37 (4) sentence 1 of the German Banking Act.
FCA Announces 14-point
Action Plan for Cash Savings
FM, Financial Conduct Authority
The UK's
Financial Conduct Authority (FCA) has unveiled a 14-point action plan aimed at
ensuring that banks and building societies pass on interest rate rises
appropriately to savers. The plan also requires institutions to improve
communication with customers and offer better savings rate deals.
This
follows a review of the cash savings market, which revealed slower interest
rate rises for easy-access accounts compared to other accounts. Institutions
with the lowest savings rates must justify these rates per the Consumer Duty in
force. If unable to provide a satisfactory justification, the FCA may take
action. The plan also requires better communication with customers about their
options.
Safe Trust Wealth Operates
Unregistered and Not Based in NZ
The website
of Safe Trust, www.safe-trust.net, has raised concerns as it claims to be based
and regulated in New Zealand, offering investment packages.
However,
the entity is neither registered on the Financial Service Providers Register
(FSPR) nor licensed by the Financial Markets Authority (FMA), casting doubt on
its credibility. The FMA suspects that Safe Trust may be running a scam and
advises caution when interacting with the entity.
Deutsche Bank Expands
Investment Banking in South Korea
Deutsche
Bank has announced an expansion of its investment banking capabilities in South
Korea and is re-entering the local debt capital market. This move is marked by
strategic appointments, including hiring Adele Moon as the Head of Debt Capital
Market (DCM) for South Korea.
Based in
Seoul, Moon will work towards expanding Deutsche Bank's client footprint and
augmenting its robust advisory business. The bank has also hired Shinna Oh to develop relationships with corporates and global sponsors in Seoul.
This strategic recruitment underscores Deutsche Bank's commitment to strengthen
its South Korean financial market position.
MAS Plans to Boost
Anti-Money Laundering Defences
The
Monetary Authority of Singapore (MAS) is initiating a public consultation on a
revised framework to strengthen surveillance and defense against money
laundering risks in Singapore's Single Family Office (SFO) sector. The new
framework will introduce a harmonized class exemption for SFOs with specific
anti-money laundering requirements.
To qualify
for the class exemption, SFOs must meet certain criteria, including being
incorporated in Singapore and maintaining a business relationship with a
MAS-regulated financial institution for anti-money laundering checks. The
proposed framework aims to monitor better SFOs operating in Singapore and
mitigate any money laundering risks.
ICE Delists Bakkt Bitcoin Contracts
Intercontinental Exchange (ICE) has delisted all Bakkt Bitcoin futures contracts, except for the ones expiring in August and September, and Bakkt Bitcoin options contracts from last Friday. The exchange operator announced that it will no longer list Bakkt Bitcoin futures and options on its platform.
"The August and September 2023 expiry months will continue to be listed for trading through their regular Last Trading Days, which are August 24 and September 28, 2023, respectively," the announcement added.
New Zealand's FMA Announces New Market Standards
New Zealand's regulator, the Financial Market Authority (FMA), announced on Monday standards designated Financial Market Infrastructures (FMIs), which are multilateral systems enabling electronic payments and financial market transactions.
The new standards will come into effect on 1 March 2024 and were issued following two rounds of public consultation.
"Most of us don't think about the underlying infrastructures we rely on for daily economic life, but we can be severely impacted when something goes wrong," said New Zealand central bank's Deputy Governor, Christian Hawkesby. "If a designated FMI failed or encountered problems, electronic payments and financial market transactions could be severely disrupted. This, in turn, could have flow-on impacts for New Zealanders, our financial system, and the wider economy."
The CEO of Capita, Jon Lewis to Retire
Jon Lewis, who has been heading Capita as the CEO and Director since December 2017, has decided to retire and will step down from his role at the end of 2024. He will remain with the company until July 2024 to ensure a smooth transition of responsibilities. Capita has named Adolfo Hernandez as the CEO designate.
Jon Lewis, CEO at Capita
"It has been a privilege to lead the turnaround of Capita over the past five years," said Lewis. "I remain fully committed to delivering the Group's strategy and enabling a smooth transition to Adolfo as the new CEO over the coming months."
Former Aussie Investment Manager Charged for Fraud
Brett Paul Trevillian, a former investment manager in Australia, is facing four charges for making a false document to obtain a financial advantage. He was arrested on 20 July on an arrest warrant obtained by the Australian Securities and Exchange Commission (ASIC) and was released on bail on 28 July.
According to ASIC, Trevillian, who served as the Director of Metal Alpha Pty Ltd and the former investment manager of Trading Life Services Pty Ltd, created four forged portfolio performance verification reports between May 2019 and October 2019 and provided them to potential investors. All of these documents are allegedly fraudulent.
Trevillian is now looking at a maximum prison time of ten years for each charge.
Payment Platform Optty Adds Crypto Gateway
Optty has partnered with Triple-A, a licensed crypto payment gateway, to add cryptocurrency options to its existing payments platform. It will leverage Triple-A's white-label crypto payment gateway to broaden its payment options.
Triple-A is a crypto payment gateway licensed and registered in Singapore, Europe, and the United States.
"As the world's first true universal payments platform, Optty is agnostic and supportive of payments inclusion, a unique position that is designed to help retailers offer more choice than ever at checkout," said Natasha Zurnamer, the Founder and CEO of Optty.
"With one simplified integration, not only can retailers access over 90 BNPLs and local payment methods in over 120 countries — they can now switch on crypto payments, a natural progression in our aim to simplify payments for retailers all over the world."
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
