MultiBank Exchange Group has continued to expand its market presence, this time in Europe after obtaining a new license from BaFin. The approval will also see the group acquire a 100 percent stake in MEX Asset Management GmbH, paving the way for a European headquarters in Frankfurt in the near future.
The group has been aggressively shoring up its regulatory status globally, and it is now licensed by ASIC in Australia, the FSC in the British Virgin Islands, and China. The addition of BaFin is a nod to the eventual Brexit scenario in 2019, signalling MultiBank Exchange’s desire to be licensed within the bloc.
Naser Taher, Chairman of MultiBank Exchange Group, comments on the news: “The expansion of the Group in Germany, the Cayman Islands and the British Virgin Islands is just the beginning of establishing MultiBank Exchange Group as an absolute market leader in financial regulations, cutting-edge products and innovative financial technology.”
Indeed, a looming Brexit date as well as the new MiFID II regime coming into effect on January 3, 2018 reflects some of the biggest regulatory changes to date. Adding to these complications are passporting concerns in the UK, which MultiBank Exchange has wasted no time in addressing head on.
Consequently, MultiBank Exchange Group’s board has resolved to suspend its UK operations and operate its European business through its soon-to-be-launched European headquarters in Frankfurt. Previously, the Group conducted business in the UK through MEX (Europe) Limited, which is ultimately owned by Marcus Cumberland. This business relationship with MEX (Europe) Limited has been terminated.
Everything You Need to Know to Profit from the DeFi HypeGo to article >>
The eventual launch of a Frankfurt headquarters will be a strategic stroke for MultiBank Exchange Group, which is looking to focus on several key countries in close proximity in the heart of Europe.
“I say this is just the beginning because, in fact, MultiBank Exchange Group is currently in the process of establishing further regulated entities and subsidiaries in Dubai, Spain and Uruguay, in addition, of course, to continued expansion in the DACH countries,” Mr. Taher added.
MultiBank’s new office in Frankfurt will help service Germany, Austria, and Switzerland, offering a full suite of financial services and products for the region. The announcement also follows months of increased emphasis in Germany – previously, MultiBank increased its regulatory status through the addition of new licenses via BaFin-regulated MEX Asset Management GmbH in the country.
MultiBank’s foray into the German market has been a long time coming. Last year, the group saw the creation of its index on the Frankfurt Stock Exchange under the name of MultiBank Index.
The group’s ambitions are in line with other players in the banking sector, namely Barclays, Goldman Sachs, JPMorgan, Morgan Stanley and others. This past July, most lenders operating in the UK were obligated by the Bank of England to disclose any relocation plans ahead of Brexit. Most banks opted for either Dublin or Frankfurt as a future EU trading base.