News Nuggets | 18 September: OctaFX Adds Share Trading; XTB Unveils Brand Campaign

OctaFX Introduces Share Trading Platform

OctaFX has launched a new share trading feature, offering access to over 100 US and European assets. The platform aims to cater to both experienced traders and newcomers, providing a wide range of investment options, including tech companies, blue-chip stocks, and emerging markets.

OctaFX has set a transparent commission structure for share trading, charging either $15 or 0.1% per transaction, whichever is higher.

"With access to over 100 U.S. and European assets, you can build a diversified portfolio that aligns with your investment goals and risk tolerance. Whether you're interested in tech giants, blue-chip stocks, or emerging market opportunities, our platform offers a comprehensive selection to choose from," OctaFX commented.

XTB Unveils New Brand Campaign across 12 Markets

XTB, a global fintech company, has launched a new brand campaign across 12 markets. The campaign introduces the 'XTB Universe', a comprehensive online investing platform. Iker Casillas, the legendary goalkeeper and XTB's global brand ambassador, guides users through the investment opportunities available on the platform. The campaign will be featured across various media channels and aims to make investing more accessible to the general public.

"In our new campaign, investors are portrayed as the main heroes of our spots. We learn more about their investment choices and experience. For all of them, the XTB Universe is the place for their investments," said Omar Arnaout, the CEO of XTB.

FMA NZ Issues Warning against Clone Firm

The Financial Markets Authority (FMA) of New Zealand has warned against Jecbit Finance Limited, advising the public to exercise caution when dealing with the entity. Jecbit Finance Limited offers forex and cryptocurrency investments but is not registered to provide financial services in New Zealand. The company has falsely claimed to be a registered entity in the country, using the business details of another company, JEC Finance Limited.

Further investigation revealed that Jecbit Finance Limited has been using the address, New Zealand Business Number (NZBN), and other registration details of JEC Finance Limited without authorization. The director of JEC Finance Limited has confirmed that there is no association between the two companies. The FMA has recommended that the public should remain vigilant and cautious when interacting with Jecbit Finance Limited or its website.

Broadridge Offers New Swift Services

Broadridge Financial Solutions has announced its new services that provide connectivity to Swift's API for Transaction Screening and Securities View. These services aim to help financial firms and corporate treasuries optimize sanctions compliance and improve oversight of securities transactions. Broadridge has already onboarded its first customers, including TÜV Rheinland for Transaction Screening Service and a prominent European private bank for Securities View.

"We are pleased to extend the benefit of our Transaction Screening Service and Securities View solutions to more institutions through connectivity with Broadridge. Transaction Screening Service means institutions can securely screen incoming and outgoing messages against the most up-to-date sanctions lists," Darren Holdstock, the Global Head of Complementors at Swift, said.

Deutsche Bank Increases Investment in South Korea

Deutsche Bank is boosting its investment in South Korea by 150 million Euros, marking an increase of 36.7% in capital allocation for its Seoul branch. The bank aims to expand its business activities and better support its clients in South Korea, which is Asia's fourth-largest market and the world's thirteenth-largest economy.

"We see great opportunities in South Korea and are investing accordingly," Alexander von zur Muehlen, the CEO of Asia Pacific, Europe, Middle East & Africa (EMEA) and Germany and a Member of the Management Board at Deutsche Bank, commented.

HKMA Warns against Misuse of the Term' Bank' by Crypto Firms

The Hong Kong Monetary Authority (HKMA) has warned against crypto firms using the term' bank' or describing their products as 'deposits'. The regulatory body states that such misleading terms could contravene the Banking Ordinance and only licensed institutions are authorized to offer banking or deposit-taking services in Hong Kong.

"The HKMA wishes to remind members of the public that crypto firms which are not banks in Hong Kong are not supervised by the HKMA and funds placed with them are not protected by the Hong Kong Deposit Protection Scheme," the regulator commented in the official statement.

Yuen Pok (Paul) Loo Pleads Guilty

Yuen Pok (Paul) Loo has pleaded guilty to several criminal charges, including forgery and providing financial services without registration. The charges relate to a forged letter from New Zealand's FMA and his continued provision of financial advice despite FMA's stop orders. Loo will be sentenced on December 20, 2023.

"The forgery charges relate to a letter Loo forged purporting to be from the FMA granting his company Wisdom House Investment Partners Limited a full financial advice provider license and sent it to his clients. The latter charges relate to Mr Loo providing financial advice without registration when he was required to be registered under the FSP Act and Mr Loo's breach of the FMA's stop orders by continuing to contact his clients and provide financial advice," the FMA explained.