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.
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An industry veteran
He has years of risk management 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, 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.