The payments company has been under investigation regarding its revenue sources.
More than one-quarter of iSignthis’ revenue generated during the June 2018 half-year came from two customers, which the Australian Securities and Investments Commission (ASIC) is currently trying to have liquidated due to “unconscionable” conduct.
On Monday, the fintech company had its responses to a 17-question examination by the stock exchange, which included questions about its customers, market disclosures, and sources of revenue, published.
Looking at the questions, it appears the ASX is particularly concerned with the company’s financial performance during the June 2018 half financial performance. During this period, solid revenues resulted in all 336 million of iSignthis’ performance shares being released. At their peak this year, the shares were valued up to $500 million.
In regards to revenue, the company’s response shows that OT Capital and TraderQ - two alleged foreign exchange (Forex) and CFD traders which ASIC has gone to court to get liquidated - accounted for 25.9 percent of its contracted service fee revenue for the six months to June 30, 2018.
Response from iSignthis CEO
Speaking to Finance Magnates John Karantzis, the CEO of iSignthis, said that while the company did provide payment processing services to the entities, it only did so when they were duly licensed by ASIC. As soon as the company received a “stop” order from ASIC, iSignthis ceased processing payments immediately.
“We rely upon ASIC, as the regulator, to ensure that market participants are acting in accordance with regulations. We are not the regulator, and are not in a position to monitor activities of our customers, nor can we act in any enforcement capacity,” Karantzis continued.
“As a service provider, we are not privy to the Companies operations, and we provide a service based upon good faith, the fact that the ASIC licenses are current, and our own customer due diligence. As such, if a company is acting properly or improperly is not something that we can ascertain as a payments service provider (any more than say their landlord or their hosting provider etc could)."
“However, we are positive regarding the CFD, FX and Binary sector in Australia, and will continue to support and provide payment services to ASIC licensed AFSL holders.”
In its responses, iSignthis also admitted that the transaction turnover figures the company used last year were actually based on “clients’ estimates” of turnover they expected to generate by using the fintech’s services, and iSignthis’ assessment of how “plausible” the estimates were.
This year, the company has since changed its reporting to "actual annualised gross processing turnover value (GPTV)" instead of using terms such as contracted GPTV.
More than one-quarter of iSignthis’ revenue generated during the June 2018 half-year came from two customers, which the Australian Securities and Investments Commission (ASIC) is currently trying to have liquidated due to “unconscionable” conduct.
On Monday, the fintech company had its responses to a 17-question examination by the stock exchange, which included questions about its customers, market disclosures, and sources of revenue, published.
Looking at the questions, it appears the ASX is particularly concerned with the company’s financial performance during the June 2018 half financial performance. During this period, solid revenues resulted in all 336 million of iSignthis’ performance shares being released. At their peak this year, the shares were valued up to $500 million.
In regards to revenue, the company’s response shows that OT Capital and TraderQ - two alleged foreign exchange (Forex) and CFD traders which ASIC has gone to court to get liquidated - accounted for 25.9 percent of its contracted service fee revenue for the six months to June 30, 2018.
Response from iSignthis CEO
Speaking to Finance Magnates John Karantzis, the CEO of iSignthis, said that while the company did provide payment processing services to the entities, it only did so when they were duly licensed by ASIC. As soon as the company received a “stop” order from ASIC, iSignthis ceased processing payments immediately.
“We rely upon ASIC, as the regulator, to ensure that market participants are acting in accordance with regulations. We are not the regulator, and are not in a position to monitor activities of our customers, nor can we act in any enforcement capacity,” Karantzis continued.
“As a service provider, we are not privy to the Companies operations, and we provide a service based upon good faith, the fact that the ASIC licenses are current, and our own customer due diligence. As such, if a company is acting properly or improperly is not something that we can ascertain as a payments service provider (any more than say their landlord or their hosting provider etc could)."
“However, we are positive regarding the CFD, FX and Binary sector in Australia, and will continue to support and provide payment services to ASIC licensed AFSL holders.”
In its responses, iSignthis also admitted that the transaction turnover figures the company used last year were actually based on “clients’ estimates” of turnover they expected to generate by using the fintech’s services, and iSignthis’ assessment of how “plausible” the estimates were.
This year, the company has since changed its reporting to "actual annualised gross processing turnover value (GPTV)" instead of using terms such as contracted GPTV.
From Rupees to Rand: India's UPI Makes a Play for Africa
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 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/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 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
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 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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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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