News Nuggets | 28 August: ASIC Suspends AFS License; FCA Warns against 5 Fraudulent Firms

Swiss Competition Authority Probes UBS-Credit Suisse Takeover

Switzerland's Competition Commission has initiated an examination of the takeover of Credit Suisse by UBS, according to an official statement shared with Reuters today (Monday). The Commission's Vice Director told the publication that the findings of the investigation would likely be shared with FINMA by the end of September.

The merger was prompted by a rescue deal orchestrated by the Swiss government, central banks, and financial regulators in March. It marked the consolidation of the nation's two largest financial institutions.

Maybank IB Collaborates with Broadridge for SBL Platform

Maybank Investment Bank (Maybank IB) has joined forces with Broadridge Financial Solutions, a US-based technology firm, to introduce a novel securities borrowing and lending (SBL) platform tailored for institutional investors.

Tengku Ariff Azhar, the Chief Operating Officer of Maybank Investment Bank, said: "The combined expertise of Broadridge and Maybank IB resulted in a comprehensive end-to-end platform with trading capabilities, operational efficiency and connectivity."

Vantage Introduces Enhanced Copy Trading with Adjustable Profit-Sharing

Vantage, the multi-asset broker, has launched an upgraded copy trading feature on its Vantage App, providing traders with enhanced capabilities for following signal providers or becoming signal providers themselves. According to the company's statement, the new user interface integrates copy trading and regular trading accounts into a single management page.

Additionally, Vantage's platform has introduced a 'Profit-Sharing' feature, allowing signal providers to set their profit-sharing ratio limited to a maximum of 50%. This offers users greater flexibility in selecting signal providers based on their preferred sharing ratio, the company said.

Euroclear Bank and KSD Partner for Omnibus Account

Brussels-based Euroclear Bank and the Korea Securities Depository (KSD) have entered into a collaboration through a Central Securities Depository (CSD) agreement to establish an omnibus account.

This partnership aims to strengthen the global presence of the Korean capital market by enhancing the liquidity and accessibility of Korean Treasury Bonds (KTBs). According to Soon-Ho Lee, the Chairman and CEO of KSD, omnibus accounts are a foundation for globalizing the Korean Capital Market.

ASIC Suspends Navigate Global Payments' AFS License

The Australian Securities and Investments Commission (ASIC) has suspended Navigate Global Payments' Australian financial services license until 18 October. The suspension comes after Navigate was placed into voluntary administration in June 2023. ASIC has advised Navigate's clients to stay updated on the situation through the administrator, receivers, and managers. Navigate can appeal ASIC's decision through the Administrative Appeals Tribunal.

FCA's New Warnings

The Financial Conduct Authority (FCA) has recently issued warnings against several firms operating without proper authorization. The list includes GOLDTREASUREFX, MYBANKRATE.ONLINE, FIRST OPTION FX LTD, Insolvency Practitioners 4 U, and Angel Finance. These firms are not registered or authorized by the FCA, which raises concerns about their legitimacy and the safety of their investments.

The warnings were all published on 28 August. The FCA strongly advises the public to be cautious when dealing with these firms and to check the FCA's official website for a list of authorized companies. The move is part of the FCA's ongoing efforts to protect consumers from fraudulent activities and unregulated financial services.

Coinstore Hits Two Milestones in User Base and Transaction Volume

The Singapore-based digital asset exchange, Coinstore has announced a significant achievement, crossing the 3.6 million user mark. The company also reported an all-time high in daily transaction volume, reaching $450 million.

"We started Coinstore in December 2020 when awareness around digital assets was limited but we are excited to reveal that Coinstore transformed into a global force with over 3.6 million users who share our vision for the industry," Jennifer Lu, the Co-Founder at Coinstore, commented. "By 2025, our ultimate ambition is to cement our status as the primary entry point for digital assets, catering to millions of users worldwide, and becoming the premier global platform in emerging markets."

Cake Group Completes Its Executive Team

Cake Group, a digital asset innovator based in Singapore, has finalized its C-suite with the appointment of a new Chief Marketing Officer (CMO) and promotions to Chief Product Officer (CPO) and Chief Human Resources Officer (CHRO).

As an industry veteran, Samuel Christian has been named the new CMO and will focus on scaling Cake's products and services in the Web3 blockchain and crypto space. Christian's past experience includes roles at Animoca Brands and IPG's group of agencies, making him well-suited for Cake's ambitious growth plans.

Visa and NymCard Partner for Seamless Payment Issuance

Visa has launched its Visa Ready To Launch (VRTL) program to simplify the issuance of payment products for fintech and non-banking entities. NymCard, a payment processor in the Middle East and Pakistan, is the first to join the program.

The VRTL program addresses technological, operational, and commercial enablement challenges by offering a 'One Contract', 'One Pricing', and 'One Integration' approach, making it easier for startups to go to market.

IMPACT46 Begins Capital Deployment through Fund III

Saudi Arabia-based asset management firm IMPACT46 has started deploying capital through its SAR 500 million Fund III. The fund aims to invest in tech companies in Saudi Arabia and the broader Middle East, focusing on fintech, SaaS, platforms, and cybersecurity.

Abdulaziz Alomran, the CEO and Founder of IMPACT46, highlighted the strong investor interest in supporting emerging talent and innovation in the region.

"We are driven by our vision to make a positive impact by identifying, connecting, and investing in founders and startups who are passionate towards making a meaningful impact in the sectors they operate in," Alomran added.