News Nuggets | 11 July: Spotware Appoints New CEO; XS.com Welcomes Marketing Manager

Crypto Platform Bitget Integrates New AI Feature

The cryptocurrency derivatives and copy trading platform, Bitget has launched a new Artificial Intelligence (AI) feature to automate the trading of digital assets. The feature is integrated into Bitget's Grid Trading tool and reportedly allows users to select from a range of AI bots.

Gracy Chen, the Managing Director at Bitget, commented on the new feature today (Tuesday), saying: "The new feature aligns with Bitget's goal of providing tools for users to trade smarter."

"The financial sector has long embraced AI, and the rise of AI-powered products will undoubtedly enable more complex strategies to be accessible," Chen added.

Spotware Systems Presents New CEO

Spotware Systems has announced that Ilia Iarovitcyn has been named as the company's new CEO. Iarovitcyn joined the team more than six years ago as a Business Analyst. Prior to that, he worked for MFX Broker, initially as a Technical Specialist and Dealer and later as the Head of the Technical Development Department and Chief Dealer.

His adventure in financial markets began at Grand Capital Ltd. where he was a Financial Advisor.

"I bring to the table over a decade of experience in Financial Technology. My track record includes more than 20 successful launches of diverse products and projects, which span the establishment of new trading platforms and information services," Iarovitcyn wrote on his LinkedIn profile.

XS.com Welcomes New Marketing Manager

XS.com announced today (Tuesday) that it has onboarded a new Marketing Manager for South Africa, Mabyanine Phiri.

"We are proud to be able to call you a member of the XS team," the company commented in the social media post.

In the past, Phiri worked for many forex and retail trading companies, starting his career in 2013. The list of companies he has worked with includes IB Central, FX Dream Team, Forbes Forex and Broker Solutions.

Monex Europe Enriches Team with Senior Hires

Monex Europe, a prominent corporate FX and hedging provider, has boosted its team by hiring two senior professionals. Michael Huggett, a veteran in financial markets, joins as the Senior Options Trader. Previously, he was the Director of UK Corporate Sales at HSBC Global Markets.

Chris Weeks, known for managing advanced hedging strategies, takes the Head of Options Sales position, moving from FX payments and risk management provider, Convera.

SFC Bans RaffAello Officer

The Securities and Futures Commission (SFC) has banned Tsang Kwong Fai, the former responsible officer and sponsor principal of RaffAello Capital Limited, from re-entering the industry for two years.

The ban comes after Tsang was found to have failed to execute his duties while supervising a listing application between 2017-2018. The SFC decision considers both the severity of Tsang's failures and his previously clean disciplinary record.

FMA Warns against Grampoint

Grampoint, falsely operating as a New Zealand company, has been flagged by the Financial Market Authority (FMA) for using the details of another legitimate firm without consent. Despite claiming to offer financial services from New Zealand, Grampoint is not registered to do so.

Further, reports indicate that the entity is unjustifiably withholding funds, suggesting caution in dealing with the company.

Microsoft Announces Additional Job Cuts

Microsoft is cutting more jobs following the downsizing earlier in January, which resulted in 10,000 layoffs. The reduction comes at the start of the company's 2024 fiscal year. It follows a trend among other large technology companies, including Amazon and Google, which have scaled back after rapid expansion during the Covid-19 pandemic.

Previously, significant job cuts were announced by Robinhood, UBS, and Freetrade.

Bitstamp and Qi Digital Enable Crypto Payments for Banks

Bitstamp and London-based crypto commerce company Qi Digital have announced a new collaboration. The partnership will allow businesses, banks, and payment providers to accept cryptocurrency payments in a regular manner.

“As crypto continues to evolve and we get closer to our goal of mainstream adoption, this partnership with Qi Digital signals the next step in helping mainstream audiences confidently approach digital assets, by providing seamless crypto transactions for businesses and their customers," Jean-Baptiste Graftieaux, the Global CEO of Bitstamp, commented.

Wells Fargo Promotes Native American Banking Leader

Wells Fargo has promoted Dawson Her Many Horses, the head of Native American Banking, to Managing Director. Her Many Horses, an enrolled tribal member, is one of the first to attain this rank at a major US bank.

Wells Fargo, holding banking relationships with one-third of federally recognized tribes in the US, announced this promotion yesterday (Monday).