News Nuggets | 7 August: FCA Warns against 20 Fraudulent Firms; Doo Group Hires Head of HR

Deutsche Börse to Invest in OptimX Markets

The venture capital arm of Deutsche Börse, DB1 Ventures, has announced its investment in OptimX Markets. The partnership, which involves the co-investor Aquis Exchange, will enable OptimX to launch its operations in the EU and the UK.

David Barnett, the CEO and Founder of OptimX Markets, said: "Our collaboration with Deutsche Börse paves the way for our advanced technology suite to make waves in the European marketplace. OptimX, with critical support and guidance, will allow us to reshape the landscape of the European equities liquidity."

MarketAxess Eyes Pragma as Part of Its Expansion Plans

The electronic trading platform MarketAxess is planning to acquire Pragma, a quantitative trading service provider. The acquisition followed the announcement of the first client algorithmic trade executed across multiple protocols in the US credit market.

Recently, MarketAxess has been focusing on using Artificial Intelligence (AI) technology to enhance trading services on its platform. According to the statement issued today (Monday), the acquisition is expected to be concluded in the fourth quarter.

Blue Ocean Technologies Partners with Tokyo Stock Exchange

The capital markets fintech company, Blue Ocean Technologies has expanded its operations to Japan with 5% investment from the Tokyo Stock Exchange. According to the company's statement, the transaction is expected to be concluded by the end of September.

Brian Hyndman, the President and CEO of Blue Ocean Technologies, said: "Today we are delighted to take a strategic step in our mission of increasing our footprint within the Asia-Pacific region."

SEC Fines Florida-Based Funds Administrator $18,000

The Securities and Exchange Commission (SEC) has fined a funds administrator based in Florida USD $18,000 for allegedly failing to address security risks in a private fund that led to fraud against its investors.

Andres Dean, the Co-Chief of the SEC's Asset Management Unit, said: "Fund administrators are important gatekeepers in the private fund space. Here, TFS failed to live up to its responsibilities as a gatekeeper."

FCA Warns against 20 Entities

The Financial Conduct Authority (FCA) has issued warnings against several firms and individuals. Some of the flagged entities include CRYPTOSLITE, BCRYPTOFX, ELITE CRYPTO EXCHANGE, and MARKET BY CRYPTO TRADE. The warning emphasizes these entities' lack of authorization or registration with the FCA.

So far, 20 new entities have been added to the warning list during today's (Monday's) session. Their complete list is available here. Currently, the FCA is very active on the warning scene. Last week it issued 27 warnings to unauthorized and clone firms.

We’ve issued 27 new #FCAwarnings to unauthorised and clone firms in the last 7 days. Protect yourself and find all recent warnings https://t.co/0qLeqfKYJ0 pic.twitter.com/tUsT9mvXbp

— Financial Conduct Authority (@TheFCA) August 4, 2023

Fasset Presents Super-App Digital

The digital asset firm, Fasset launched a super-app targeting financial inclusion in emerging markets. Within its first week, the app attained over 1 million users, with leading user numbers in Indonesia, Pakistan, and Türkiye. Mohammad Raafi Hossain, the CEO of Fasset, emphasizes the app's potential to democratize finance, bridging a significant gap in emerging markets.

"In most emerging markets, being able to build a diversified portfolio, leverage against assets and earn sustainable yields are either scarce or non-existent. Digital assets on blockchain rails can democratize finance and level the playing field, giving billions of people the opportunity to invest in the upside of global asset classes across the world," Hossain added.

Doo Group Hires New Head of HR

Anca Ioana Ionescu has announced her appointment as the Head of HR in Europe at Doo Group. Her commitment to employee-centric workplaces aligns perfectly with Doo Group's ethos. As Ionescu takes on this new challenge, she invites her peers to join her in shaping a brighter future.

"I said 'I doo' to this incredible opportunity because I am passionate about creating workplaces where employees come first 😊! At Doo Group, that's exactly what we do! Putting our talented team of doo-ers at the heart of everything we create, drives our success, and I'm elated to be joining this great, terrific team of professionals," Ionescu commented.

Block Axes European Ventures

Block, spearheaded by Jack Dorsey, is discontinuing Cash App's Verse brand in the EU and its platform, Clearpay in Spain, France, and Italy due to underwhelming growth. Dorsey noted that the halted ventures required significant investments without the anticipated returns. The company acquired the Spanish app Verse in 2020 and the European branch of Afterpay in 2021.

Credit Suisse Cuts Jobs in Hong Kong

Credit Suisse plans to lay off nearly 80% of its Hong Kong-based investment banking staff. As part of their integration with UBS Group, only 20 bankers out of a 100-strong team will retain their positions.

These drastic cuts follow the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Credit Suisse by UBS Group and are aligned with UBS's intent to reduce risks in Credit Suisse's investment banking.

MAS's Tech Boost in Finance

The Monetary Authority of Singapore (MAS) commits S$150 million to the Financial Sector Technology and Innovation Scheme (FSTI 3.0). The initiative supports innovative projects, with tracks focusing on Excellence, Innovation Acceleration, and ESG FinTech. MAS emphasizes the promotion of technologies like AI and the nurturing of Singapore's FinTech talent pool.

Klarpay Welcomes Emödi

Klarpay AG announces Markus Emödi's appointment as the Chief Legal & Compliance Officer and Deputy CEO. With over 20 years in the financial domain, Emödi's expertise encompasses areas like anti-money laundering and securities law. The CEO of Klarpay, Martynas Bieliauskas, highlighted Emödi's crucial role in fortifying the company's position.

We are thrilled to introduce our newest addition to the #Klarpay team, Markus Emödi, who has joined us as the Chief Legal & Compliance Officer!🇨🇭

Read more here ➡️🔗 https://t.co/TLKQ5jC94W#swiss #corporateaccounts #actglobally #payments pic.twitter.com/NmS1pO9VVz

— Klarpay AG. (@klarpay) August 7, 2023

"We are delighted to welcome Markus to the Klarpay team," Martynas Bieliauskas, the CEO of Klarpay AG, said. "His extensive experience in legal and compliance will be instrumental in strengthening our company's position and supporting our strategic goals. Markus's expertise will contribute to our ongoing commitment to providing secure and scalable payment solutions to our clients."

albo's Strategic Acquisition

Mexican neobank albo, has acquired fintech firm delt.ai for $20 million. This move has positioned albo as the sole neobank in Mexico, offering both debit and credit solutions for consumers and SMBs. Ángel Sahagún, albo's CEO, has emphasized the acquisition's potential to provide a comprehensive platform for businesses and consumers alike.

"This acquisition strengthens our value proposition for SMBs, as the only neobank in Mexico, offering an end-to-end platform for consumers, SMBs, and their employees," Ángel Sahagún, the CEO and Founder of albo, commented.