The operating license of V Wealth Capital Pte has been withdrawn by the Monetary Authority of Singapore (MAS). The company has been registered as a fund management entity and was authorized by the Singaporean watchdog to provide financial services.
V Wealth Capital Pte Singapore describes on its website that it offers “highly liquid” strategies, which include intraday systematic trading of equities and foreign exchange. The firm also claims that it has been making a market in MSCI Indonesian futures.
The company has been providing managed accounts that according to the information on the website of the firm are making gains for investors by using V Wealth Capital Pte’s in-house infrastructure.
V Wealth Capital claims to be a market maker in futures
According to the MAS the company’s license has been suspended after violations on a number of counts.
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The MAS has withdrawn the Registered Fund Management Company (RFMC) license of V Wealth Capital Pte with effect from Friday, the 20th of May 2016. The company is not permitted to do business in Singapore and will have to retract the statements on its website that purport the firm to be regulated by the MAS.
The firm claims that it has been making a market in MSCI Indonesian futures
V Wealth Capital Pte has failed to notify the MAS about a number of changes, which include the change of its principal place of business and the resignation of the company’s director. In addition, the company has not submitted a report to its auditors as required by the law and failed to update the MAS with a set of required information required by the regulator in the case of such a violation.
The CEO of the company and the directors of V Wealth have consistently failed to comply with the laws and regulations to which financial service companies in Singapore are required to adhere.
The move by the MAS could be relevant to clients and counterparties of V Wealth Capital Pte that have engaged in transactions with the firm. For the time being there is no confirmed information that the company has been making a market for brokers that are offering MSCI Indonesia Futures.