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The recent strategic partnership between Zand Bank PJSC,the UAE’s first digital bank, and Taurus SA, a global leader in digital assettechnology, marks a pivotal moment not just for the Middle East but for theglobal financial ecosystem. This collaboration, encompassing all aspects ofdigital asset infrastructure including custody, tokenization, and blockchainconnectivity, signifies a significant leap in digital finance. The timing ofthis partnership is particularly noteworthy given the current geopolitical andeconomic context.A New Era of Digital Finance: Zand Bank and Taurus PartnershipUnder this agreement, <a href="https://www.zand.ae/en">Zand</a> will leverage <a href="https://www.taurushq.com/">Taurus</a>’market-leading integrated custody and tokenization solutions to expand itsoffering in the field of digital assets, including cryptocurrencies, tokenizedsecurities, and digital currencies. Backed by institutional investors such asCredit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier, and PictetGroup, Taurus raised $65 million in 2023, underscoring its robust and credibletechnological foundation.Advanced Digital Asset Ecosystem: Comprehensive Solutions for Security and ComplianceAt the core of this partnership is the provision ofbest-in-class institutional-grade custody for digital assets. Zand will utilizeTaurus-PROTECT, a secure wallet solution for cryptocurrencies, NFTs, tokenizedsecurities, and digital currencies. This solution ensures that Zand meets thehighest security and compliance standards, leveraging hot and cold HSMenvironments, programmable rules, and robotic process automation (RPA) featuresto optimize efficiency and security.Leveraging Taurus-PROTECT, Zand is able to implementdefense-in-depth security on its custodial wallets with multi-layered securitycontrols, which include transaction monitoring mechanisms, ensuring compliance with all applicable regulations, includingthose of the UAE.Bridging Traditional and Decentralized Finance: Innovative Tokenization SolutionsZand will also leverage Taurus-CAPITAL, a tokenizationsolution that enables the issuance and servicing of any type of tokenizedfinancial and real-world assets. This integration allows Zand to deploy andmanage the lifecycle of smart contracts across both public and privateblockchains, using Taurus’ blockchain node infrastructure, Taurus-Explorer.This infrastructure, ISAE3402 Type II audited, provides a unified API andreliable broadcasting algorithms for secure interfacing with multipleblockchain networks.Geopolitical and Economic Significance: UAE’s Leadership in Global FintechThe UAE has been positioning itself as <a href="https://www.financemagnates.com/cryptocurrency/regulation/strategy-decentralization-and-tech-diplomacy-uaes-forward-thinking-crypto-regulation/">a global hub forinnovation and financial technology</a>. By embracing digital assets through thispartnership, the UAE is not only diversifying its economy but also assertingits leadership in the global fintech arena. This move is likely to attract moreinternational investors and fintech companies to the region, further bolsteringthe UAE’s economic growth and technological advancement.On a broader scale, this partnership could influence globalfinancial policies and regulatory frameworks. As more countries explore theintegration of digital assets into their financial systems, the standards setby Zand and Taurus could serve as a benchmark. The collaboration exemplifieshow robust regulatory compliance, such as adherence to the Central Bank of theUAE’s standards, can coexist with cutting-edge technological innovation.Setting a New Standard in Digital Finance: Leading the MENA RegionAs the first bank in the UAE to embrace digital assetscomprehensively, Zand is at the forefront of bridging traditional finance withdecentralized finance. This partnership sets a new benchmark for digital assetmanagement in the MENA region as it aims to unlock new opportunities, fostersustainable growth, and drive positive impacts in the evolving…
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dxFeed has announced the addition of the Cboe One CanadaSummary Feed to its market data solutions. This product provides real-time dataon Canadian equities from Cboe Global Markets. The feed aggregates data from all four trading venuesoperated by Cboe Canada and includes trading volume from all Canadian markets.It offers exclusive coverage of over 260 listed and traded securities on CboeCanada.Cboe Canada Data IntegrationCboe Canada is the third most active marketplace in Canada,representing about 15% of all volume traded in Canadian-listed securities. Thenew feed aims to enhance dxFeed's ability to provide insights and analytics totraders and investors. This addition is part of dxFeed's effort to provide marketdata solutions that allow traders with information necessary for makinginformed decisions.The new offering from dxFeed includes real-time marketinsights, allowing traders to access real-time pricing and trade data. Thisenables traders to stay ahead of market movements and capitalize on emergingopportunities. In addition to real-time insights, dxFeed provideshistorical charting and tick data services. These services are designed tooffer quick and reliable charting and tick-level data for backtesting and issueresolution. We've added the Cboe One Canada Summary Feed, a real-time Canadian equities market data product from @CBOE Global Markets. This latest addition to dxFeed’s comprehensive suite of #marketdata solutions further strengthens its commitment to delivering unparalleled insights and… pic.twitter.com/ecv44fx0HX— dxFeed (@dxFeedSolutions) July 3, 2024Tools for TradersThe reference data for Canadian markets includes fundamentaldata and corporate actions for Canadian companies. This is complemented byadvanced analytical tools, a market screener, alerts, and indicators, whichhelp traders identify trends, patterns, and trading opportunities quickly andefficiently. The variety of delivery options, including AWS PrivateLink, crossconnects in the US, EU, and Asia, and IaaS delivery, ensures that data isdelivered directly to end users in a manner that suits their needs.This article was written by Tareq Sikder at www.financemagnates.com.
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Cryptocurrency exchange CoinDCX, has acquired BitOasis, avirtual asset trading platform operating in the Middle East and North Africa(MENA) region. The acquisition marks CoinDCX’s entry into the MENA market, signallinga strategic expansion.Acquisition Enhances Crypto LandscapeBitOasis, known for its significant trading volumes inEmirati dirhams, represents a substantial move by CoinDCX to bolster itspresence in the region.BitOasis recently obtained a Minimum Viable ProductOperational License issued by the Virtual Assets Regulatory Authority from theCentral Bank of Bahrain. This license permits BitOasis to function as abroker-dealer under stringent regulatory oversight, ensuring compliance withlegal frameworks.Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasiswill operate independently under its current licenses, subject to regulatorysupervision. The acquisition is expected to enhance user experienceacross both platforms, offering a wider array of products and expanding tradingoptions.Gupta confirmed that user accounts on BitOasis and CoinDCXwill remain separate without any migration or linkage.CoinDCX acquires BitOasis in international expansion push https://t.co/bH7XjK2Krf— TechCrunch (@TechCrunch) July 3, 2024Staff Reduction AnnouncementLast year, CoinDCXannounced a workforce reduction affecting approximately 12% of itsemployees, citing challenging macroeconomic conditions exacerbated by aprolonged downturn in the crypto market, as reported by Finance Magnates. Similar to other exchanges like KuCoin, Luno, and Gemini,CoinDCX attributed these layoffs to factors including high inflation and what'scolloquially termed as 'crypto winter', a period of sustained low prices.A significant addition to these challenges is the impact ofIndia's Tax Deducted at Source (TDS) regulations on cryptocurrencytransactions, implemented to collect taxes directly at the source of income.Starting July 2022, a 1% TDS applies to crypto transactions, negativelyimpacting domestic exchange volumes and revenues.In response, CoinDCX has implemented cost optimizations,increased automation, and streamlined its product offerings as part of itslong-term business strategy. The laid-off employees will receive a support packagecomprising severance equivalent to their full notice period plus an additionalmonth, settlement of accrued leave, and extended health insurance coverage.This article was written by Tareq Sikder at www.financemagnates.com.
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MillwallFootball Club has entered into a multi-year partnership with fintech companyMyGuava, introducing a new front-of-shirt sponsor for the Championship side.The agreement, set to commence from the 2024/25 season, will feature theMyGuava brand on the jerseys of both the senior men's team and academy players.Millwall FC ScoresLong-Term Sponsorship Deal with Fintech Firm MyGuavaThispartnership represents Millwall's first change in front-of-shirt sponsorshipsince 2019. MyGuava, a payment platform app owned by global <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> firmGuavapay, offers users solutions for managing and spending money and financialmanagement tools. As reported by Finance Magnates, <a href="https://www.financemagnates.com/fintech/london-ooh-showcases-visas-partnership-to-promote-myguava-card/">Guavapay partnered with Visa in May</a> to launch an Out of Home (OOH) campaign across London. The collaboration aims to increase awareness of the MyGuava multicurrency Visa Card, which is available to users of the MyGuava App and MyGuava Business, Guavapay’s flagship products.AlthoughMillwall has never played in the top tier of English football and currentlycompetes at the second level, it has a very extensive fan base and is one ofthe more recognizable and popular football clubs in the UK. Due to its locationon the outskirts of London, the team often plays matches against top-tierclubs, including popular derbies with West Ham United."Withinternational interest in both Millwall Football Club and MyGuava growingrapidly, this is a fantastic time for our partnership to begin,” Luke Wilson,Chief Commercial Officer at Millwall FC. “Guavapay are technological innovatorsin the financial payment industry, so we're looking forward to working closelywith them on a variety of ways to enhance the fan experience."✅ 𝗙𝗿𝗼𝗻𝘁-𝗼𝗳-𝘀𝗵𝗶𝗿𝘁 𝗽𝗮𝗿𝘁𝗻𝗲𝗿.🤝 Welcome on board, 𝗠𝘆𝗚𝘂𝗮𝘃𝗮!<a href="https://twitter.com/hashtag/Millwall?src=hash&ref_src=twsrc%5Etfw">#Millwall</a>— Millwall FC (@MillwallFC) <a href="https://twitter.com/MillwallFC/status/1808063132230701143?ref_src=twsrc%5Etfw">July 2, 2024</a>As part ofthe agreement, MyGuava will introduce limited-edition Millwall-designed paymentcards, available exclusively through the MyGuava app. These cards will offersupporters the opportunity to win prizes based on their daily spending habits.Thepartnership comes as MyGuava expands its presence in football sponsorship, withexisting partnerships already in place with Queen's Park Rangers and CrystalPalace. "Weare thrilled to introduce MyGuava as Millwall Football Club's shirt sponsor andofficial payment partner,” Grant Wyatt, Head of Partnerships at MyGuava,commented on the deal. “This exciting partnership underlines our unwaveringcommitment to innovation and community engagement."Financialterms of the deal were not disclosed.It is worth mentioning that a former Millwall player, Tim Cahill, became the ambassador <a href="https://www.financemagnates.com/forex/brokers/acy-securities-unveil-tim-cahill-as-brand-ambassador-at-gala-event/">for FX/CFD brand Acy Securities a few years ago</a>.FootballPopular among Financial FirmsFootballhas consistently been the most popular discipline among payment firms andFX/CFD brokers looking to advertise through sports. Car racing takes secondplace, and interestingly, golf ranks third. Earlierthis week, Finance Magnates reported that the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/">cryptocurrency exchange</a><a href="https://www.financemagnates.com/cryptocurrency/exchange/crypto-exchange-bingx-expands-chelsea-fc-deal-becomes-training-kit-sponsor/">BingX partnered with Chelsea FC</a>, becoming the Training Kit Sponsor. Previously,West Ham United <a href="https://www.financemagnates.com/forex/west-ham-united-names-intuit-quickbooks-as-sleeve-sponsor-in-expanded-deal/">named Intuit QuickBooks</a> as its Sleeve Sponsor, and at the endof 2023, <a href="https://www.financemagnates.com/forex/etoro-kicks-off-a-three-year-sponsorship…
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Binance has announced significant changes to its services inTurkey. According to the firm, this is part of its focus on transparency andregulatory compliance.Binance Adjusts Turkish ServicesBinance has been monitoring regulatory developments inTurkey. The company believes in working with regulators to ensure a compliantenvironment for users. Binance supports the development of a regulatoryframework to safeguard the ecosystem. To ensure legal compliance in Turkey andglobally, the company is taking necessary measures.Binance.com will remain accessible from Turkey. However,there will be adjustments to services. The Turkish language option will begradually turned off within three months. Marketing activities for Turkishusers will be completely halted.Turkey's new crypto framework is a positive step forward for the industry.At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.More details here ⤵️ https://t.co/1ueOliKUYd— Binance (@binance) July 2, 2024Binance acknowledges that these changes will affect someusers. The company assures that user safety and experience remain a priority.All user funds are safe, and deposit/withdrawal functions will remainavailable.UAE Binance Account MigrationMeanwhile, Binancehas announced that it will move its UAE users from its global platform tothe locally regulated Binance FZE exchange, known as Binance Dubai, as reportedby Finance Magnates. Thisfollows the acquisition of a full Virtual Asset Service Provider license fromDubai's Virtual Assets Regulatory Authority. The transition requires UAEresidents to update their Know Your Customer information by December 15, 2024.Email instructions will guide users through this process. During the transition, users can still access their currentBinance Global accounts. After December 15, accounts will be automaticallytransferred to Binance Dubai, with login details unchanged. Binance FZE willprovide services such as exchange, broker-dealer, lending, borrowing, andvirtual asset management, supporting over 300 virtual assets with local fiatcurrency transactions.Users must decide between maintaining their Binance.com orBinance Dubai account, as multiple accounts per user are not permitted.Accounts not updated by the deadline will be restricted to withdrawals only.This article was written by Tareq Sikder at www.financemagnates.com.
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The influx of retail brokers in the prop trading space continues, as ThinkMarkets becomes the latest one to launch prop trading services under the brand ThinkCapital. Although the broker has yet to announce anything officially, the prop trading brand's website is already live.More Brokers into Prop TradingAustralia-headquartered ThinkMarkets has become one of the many forex and contracts for differences (CFDs) brokers offering prop trading services and technically funded trading services. The trend started with Axi, OANDA, and Hantec Markets and was later joined by IC Markets, Traders Trust, and Trade.com.As its website shows, IC Markets offers prop trading services under TC Systems FZE, a UAE-registered entity. Its services went live late last month.Furthermore, similar to other prop trading services, ThinkCapital “only provides services of simulated trading and educational tools for traders.” Interestingly, only Axi offers live market trades to its funded traders. At the same time, OANDA considers them signal generators and executes the trades by itself on live markets based on its risk management strategies.🎉 WE ARE LIVE! We are thrilled to announce that as of today, June 28th, ThinkCapital is officially live!You can now start trading in our challenges and take advantage of premium market conditions.#ThinkCapital The only prop firm to help you build your personal account. pic.twitter.com/H6DFCNHBt0— ThinkCapital (@thinkcapitalcom) June 28, 2024Traders from Europe Are WelcomeThe services under ThinkCapital are less restrictive than those under other brands, as it allows traders from European countries, except Croatia. However, like most prop brands by brokerages, ThinkMarkets’ prop trading brand would not offer services to traders in the United States.ThinkMarkets offered services to other prop trading brands for a while now. It offerings include price data of asset classes, an admin dashboard, and CRM. Further, it licenses its proprietary trading platform, ThinkTrader, to prop firms. Interestingly, the broker also grey-labelled its MetaTrader licence to prop firms, but now its website, which mentions its offerings to prop firms, does not mention MetaTrader.For now, ThinkCapital is offering prop trading on MetaTrader 5, with plans to add ThinkTrader. The website also mentions that the prop trading services will integrate TradingView to enable traders to trade directly from TradingView charts.This article was written by Arnab Shome at www.financemagnates.com.
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BUX, the Dutch neobroker now fully owned by ABN AMRO, has quietly closed down its contracts for differences (CFDs) platform, Stryk, as it focuses “more on mid and long-term investing via the BUX app.” It has also allowed customers to migrate their accounts to AvaTrade, another CFDs broker.Stryk Decommissioned“We are reevaluating the position of speculative trading products within our group’s overall offering,” the FAQ section of the now-closed platform noted. “As part of this change in strategy, we are decommissioning Stryk, our CFD trading app.”Elaborating on the decision to close the platform, BUX highlighted that it has been increasing its focus on “long-term wealth creation” and the “decommissioning of Stryk completes the strategic pivot.” It will also allow the company to “streamline [its] operations and allocate resources more efficiently.”Further, the regulatory environment also played a role. “The landscape for CFDs has changed significantly since we entered the CFD market,” the website of the closed platform added. “In this environment, we believe that our resources are better directed towards the BUX mobile app, which focuses on mid and long-term investing and is poised for healthy growth in the coming years.”Rebranding to the Strategic PathBUX initially launched its CFDs offerings under the brand BUX X but rebranded it to Stryk in July 2022 to differentiate it from the company’s zero-fee trading app, which was also rebranded to BUX from BUX Zero in mid-2023.Also, the group operated the CFDs business under its UK-regulated entity. However, it shifted the CFDs business under the Cyprus-regulated BUX Europe to expand the services in the European markets. Although the Stryk brand has been decommissioned, according to the regulatory registry, BUX Europe still holds the Cyprus Investment Firm licence.While it is unclear when exactly Stryk was closed down, Wayback Machine shows that the step was taken at the beginning of this year.Meanwhile, the acquisition of the Netherlands-based BUX was recently completed by the local lending giant ABN AMRO, which will now mark its presence in the retail investment markets. However, the financials of the deal remain unknown.This article was written by Arnab Shome at www.financemagnates.com.
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MUFG and the Finnoventure Private Equity Trust fund havejointly invested $195 million in Ascend Money, a Thailand-based fintechunicorn. Ascend Money, a subsidiary of Charoen Pokphand Group, operatesextensively across Southeast Asia, spanning seven countries.Diverse Financial ServicesThe firm's flagship product, the TrueMoney super app, offersa range of financial services such as electronic payments, lending, Buy Now PayLater options, investments, and insurance.In Thailand alone, Ascend Money boasts 30 million activeusers, catering to a diverse customer base through strategic partnerships withvarious corporations, businesses, and merchants in both online and offlinesectors.Ascend Money achieved unicorn status in Thailand in 2021,reaching a valuation of $1.5 billion following a $150 million investment fromBow Wave Capital Management, Charoen Pokphand Group, and Ant Group.MUFG invests in Thai super app Ascend Money https://t.co/c7Y4SqEpdw— Finextra (@Finextra) July 3, 2024Suphachai Chearavanont, Founder and Chairman of AscendMoney, emphasized the significance of this new financing round for the company.He said: "We are confident that Ascend Money's stronggrowth trajectory, combined with MUFG's expertise and network, will enable usto create a more inclusive and vibrant financial ecosystem to accelerate bothregional and local digital transformation, benefiting millions of people andcontributing to the country's economic development."MUFG Invests in AkulakuEarlier, MUFGinvested $200 million in Akulaku, an Indonesia-based banking and digitalfinance platform under Silvrr Technology Co Limited, as Finance Magnates reported. The goalis to expand MUFG's customer base in Southeast Asia. Akulaku previously received $100 million from SiamCommercial Bank PLC. This funding supports Akulaku's mission to serveunderserved markets. Akulaku and MUFG agreed to collaborate on productdevelopment, distribution, financing, and technology across Southeast Asia.This article was written by Tareq Sikder at www.financemagnates.com.
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Revolut is on a winning streak. The fintech giant has smashed through2023 with jaw-dropping successes, leaving its competitors in the dust andsetting new benchmarks in the industry. Let's dive into the highlights of Revolut’s spectacular year and seewhy everyone in finance is buzzing about this disruptive powerhouse.Doubling Down on RevenueRevolut’s 2023 financial report is a blockbuster, with revenues set todouble from last year’s impressive figures. The company is poised to report astaggering $2.2 billion in revenue, a 95% increase year-on-year, with profitsof $428m net.The surge in revenue is driven by the firm's diverse product offerings,including <a href="https://www.financemagnates.com/terms/p/payments/">payments</a>, subscriptions, foreign <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>, and wealth managementservices. Interest income alone has become a significant contributor, reaching $621m,propelled by higher customer deposits and central bank rate hikes.Revolut just posted 2023 financial results and they are insane 🤯- $2.2B revenue (+95% YoY)- $428M net profit, up from $7M in 2022.- A record 12M new customers in 2023- $22.7B in customer balances on the platform (+38% YoY)The crazy part?70% of new retail customers… <a href="https://t.co/lMOz21IoNa">pic.twitter.com/lMOz21IoNa</a>— Linas Beliūnas (@linasbeliunas) <a href="https://twitter.com/linasbeliunas/status/1808040762099036200?ref_src=twsrc%5Etfw">July 2, 2024</a>Expanding the User BaseRevolut's user base has exploded to over 45 million globally, roughlydoubling since 2022. From debit and virtual cards to currency exchange, stocktrading, and cryptocurrency, Revolut’s diverse offerings have made it aone-stop-shop for savvy financial consumers. This extensive suite of servicescaters to both individual users and businesses, fueling its rapid expansion The introduction of new features such as joint accounts, group chatsfor expense splitting, and the high-end Ultra subscription plan hassignificantly contributed to user satisfaction and engagement. The Ultra planalone, offering a large number of benefits, underscores Revolut’s commitment toproviding value.The Elusive UK Banking LicenseDespite its soaring success, Revolut's quest for a UK banking licenseremains an issue. The company’s financial operations mirror those oftraditional banks, yet it has faced hurdles in securing this critical license.In October, Revolut <a href="https://www.financemagnates.com/fintech/paving-the-path-to-uk-banking-license-revolut-strikes-deal-with-softbank/">partneredwith SoftBank</a> in a strategic move to smoothen the path towards obtainingthis elusive license. This partnership is expected to bolster Revolut'scredentials and enhance its standing in the global financial arena.The company continues to work closely with the Prudential RegulationAuthority (PRA) to achieve this goal, as securing a UK banking license is seenas pivotal for further growth and stability in its home market.Our 2023 Annual Report is here! (Thread) 🧵1. Thanks to your trust and support, Revolut is the most downloaded finance app in the UK and Europe 🚀 <a href="https://t.co/wlQ9dgibOH">pic.twitter.com/wlQ9dgibOH</a>— Revolut (@RevolutApp) <a href="https://twitter.com/RevolutApp/status/1808172094565343732?ref_src=twsrc%5Etfw">July 2, 2024</a>Financial Performance and Investor ConfidenceRevolut’s robust financial performance in 2023 is a soothing balm forinvestors who have been on a rollercoaster ride with the fintech firm. Reportsof doubling revenue and continued user growth are likely to instill confidenceand attract more investment, propelling the company towards even greaterheights. The firm’s ability to maintain such momentum amidst licensingchallenges speaks volumes about its resilience and strategic acumen.Product Innovations and Market ReachThis year has also seen Revolut pushing the envelope with productinnovations. The company has expanded its offerings to include an even broaderrange of financial services, catering to evolving…
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Cryptocurrencyexchange Bitget has set its sights on becoming a regulated player in theworld's most populous democracy. The company's announcement comes as Indiagrapples with the complexities of integrating cryptocurrencies into itsfinancial ecosystem.Bitget Signals Intent toRegister as Regulated Crypto Exchange in IndiaThe companyrevealed it is in active discussions with India's Financial Intelligence Unit(FIU) regarding licensing requirements. Although there is increasing talk of stringentregulations in the cryptocurrency industry in the country, India remainsone of the fastest adopters of crypto in the world.The next step for crypto exchanges to hit the masses is to be compliant players. It builds retail security, trust, credibility and drives the adoption. India is a high-priority market for Bitget. We're actively navigating through regulations to make sure the platform is…— Simran Alphonso (@SimranAlphonso) July 3, 2024It is avast market, and currently, nearly one in five people globally is from India.No cryptocurrency exchange can afford to overlook such a large potentialcustomer base. This is evidenced bythe latest move from Binance, which is preparing to re-enter the localmarket."Indiais a high-priority market for Bitget," Simran Alphonso, Head of GlobalCommunications at Bitget, commented. "We're actively navigating through regulations to make sure the platform is compliant for us to serve our users in India."As part ofits efforts to establish a presence in India, Bitget is launching userawareness campaigns aimed at educating investors about digital assets. Thecompany is also maintaining transparency by providing verifiable Proof ofReserves data and offering users access to fund storage information, includingpublicly available wallet addresses.Other Regulatory MovesBitget hasalready obtained Virtual Asset Service Provider (VASP) licensesin Lithuania andPoland. The exchange has implemented mandatory KnowYour Customer (KYC) procedures to prevent illicit use of digital assets andenhance security compliance for traders.Thecompany's user protection initiatives include the BitgetProtection Fund, which reported an average valuation of $429 million inJune 2024. This fund has been a key component of Bitget's strategy to provide asecure trading environment since its launch in August 2022.Theexchange also greatly benefited from the recent cryptocurrency boom, triggeredby Bitcoin reaching record values in March 2024. The customer base of theexchange grewto 25 million, and its native token surpassed the $1 milestone.This article was written by Damian Chmiel at www.financemagnates.com.
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Digital payments have evolved significantly due to technological advancements and rising consumer expectations. Modern consumers demand almost real-time transactions, seamless integration, and a frictionless experience. In brokerage services, this translates to a need for instant fund transfers and efficient cross-border payments. With trading opportunities fleeting in seconds, the speed and reliability of payment systems are crucial to a brokerage's reputation. Meeting the Rising Expectations of Brokerage ClientsBrokerage clients are increasingly sophisticated, expecting brokers to provide market access, tools, and infrastructure for swift, efficient trades. One of the primary demands is for almost real-time payments, which is driven by the volatile nature of financial markets, where the ability to capitalise on price fluctuations can significantly impact returns.Clients also seek alternatives to traditional bank transfers, often involving fees and requiring significant time to fund accounts, reflect in trading wallets, and convert to the necessary currency for trade execution. The desire for more efficient funding options has given rise to innovative solutions such as digital wallets, peer-to-peer payment systems, and cryptocurrency transactions, offering quicker transfers, lower fees, and greater convenience for tech-savvy clients.Ox Securities: Enhancing Customer Success with Payments Innovation<a href="https://oxsecurities.com/">Ox Securities</a>, a dynamic brokerage firm established in 2013, provides a compelling example of how a brokerage can leverage fintech innovation to enhance customer success. Initially focused on the wholesale market, Ox Securities recognised the growing demand from global clients in 2019 and strategically pivoted to build the necessary infrastructure to support this burgeoning clientele.The cornerstone of Ox Securities' strategy is its seamless integration of advanced trading technology with efficient payment systems. This integration is critical for providing a superior trading experience, enabling clients to execute trades swiftly and fund their accounts almost in real time. Working with Currencycloud, a leading provider of cross-border payment solutions, helped Ox Securities to offer their customers a faster and more secure way of funding their trading accounts with foreign exchange (FX) capabilities.Understanding that customer preferences can vary widely across different regions, Ox Securities has committed to building a flexible and adaptive payment infrastructure, which ensures that popular and fast payment methods specific to each region are supported, thereby enhancing the overall customer experience. As its customer base grows, Ox Securities uses Currencycloud’s platform to automate the reconciliation of their clients’ payments – a task that was previously done manually and was cumbersome and labour-intensive. By focusing on reducing the friction associated with funding accounts and facilitating instant transactions, Ox Securities empowers its clients to act swiftly on trading opportunities, significantly enhancing their trading success. This customer-centric approach has fostered loyalty and trust among its clients and differentiated Ox Securities in a highly competitive industry where many brokers offer similar products.Having such a robust payments infrastructure enables Ox Securities to scale globally and expand its client base across new markets. Today, Ox Securities remains at the forefront of innovation, committed to offering cutting-edge trading solutions and exceptional customer service. This dedication to fintech and customer success positions the firm as a leader in the brokerage industry, proficiently serving both retail and institutional clients.Currencycloud: Redefining Cross-Border Payments for BrokersFor brokers looking to expand their market share, cross-border payments are a crucial aspect of their operations, because brokers tap into international markets and achieve diversification, which can lead to a larger client…
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RobinhoodMarkets Inc., the popular commission-free trading platform, is making moves inexpanding its cryptocurrency offerings and geographical reach. The company has launchedits services in Hawaii, Puerto Rico, and the US Virgin Islands, whilesimultaneously exploring the possibility of introducing cryptocurrency futurestrading in both the United States and Europe.Robinhood Expands CryptoOfferings, Eyes Futures Trading in US and EuropeTheexpansion into Hawaii comes on the heels of a regulatory change by the state'sDepartment of Commerce and Consumer Affairs, which no longer requirescryptocurrency services to obtain a money transmitter license to operate in thestate. This move has opened the door for Robinhood to tap into a marketpreviously known for its strict financial regulations.Thanks tothis latest update, Robinhood Crypto services are available in every US state except New York. However, the process of obtaining licenses in variousadministrative regions of the United States has been lengthy, <a href="https://www.financemagnates.com/cryptocurrency/news/robinhood-expands-crypto-services-to-8-more-us-states-hires-new-head/">stretchingover the last six years</a>.Crypto trading on Robinhood is now available in Hawaii, Puerto Rico, and the US Virgin Islands 🔥 <a href="https://t.co/rpO4WDoLK3">pic.twitter.com/rpO4WDoLK3</a>— Robinhood (@RobinhoodApp) <a href="https://twitter.com/RobinhoodApp/status/1808108680480722950?ref_src=twsrc%5Etfw">July 2, 2024</a>Crypto Futures in the US andEurope SoonIn aparallel development, sources familiar with the matter revealed to Bloombergthat Robinhood is considering offering cryptocurrency futures in the US. andEurope in the coming months. The company reportedly plans to leverage licensesfrom <a href="https://www.financemagnates.com/cryptocurrency/robinhood-ventures-into-institutional-crypto-space-with-bitstamp-buyout/">itsrecent $200 million acquisition of Bitstamp Ltd.,</a> a deal expected to closein the first half of 2025.The company increasingly focuses on cryptocurrency services in Europe, having launched <a href="https://www.financemagnates.com/cryptocurrency/robinhood-bets-big-on-crypto-in-europe-launches-staking/">astaking service just under two months ago</a>. Currently, it is based solely onthe Solana token, but it is expected to be expanded to include additional assetsin the future.Robinhood considering offering crypto futures in US, Europe, Bloomberg reports <a href="https://t.co/qgbfe7PzyC">https://t.co/qgbfe7PzyC</a> <a href="https://t.co/QEaiAboIim">pic.twitter.com/QEaiAboIim</a>— Reuters Tech News (@ReutersTech) <a href="https://twitter.com/ReutersTech/status/1808231705074905246?ref_src=twsrc%5Etfw">July 2, 2024</a>If theplans materialize, Robinhood could offer perpetual futures for Bitcoin andother digital tokens in Europe, utilizing Bitstamp's existing licenses. In the US,the company is eyeing the launch of CME-based futures for <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> and Ethereum.However, a <a href="https://www.financemagnates.com/tag/robinhood/">Robinhood</a>representative cautioned that these plans are not set in stone, stating,"We have no imminent plans to launch these offerings.” Thepotential move into crypto derivatives comes at a time when the global marketfor such products is booming. Recent data from crypto researcher CCDataindicates that in May, derivatives trading volumes reached $3.69 trillion, <a href="https://www.financemagnates.com/cryptocurrency/cryptocurrency-exchange-spot-volumes-surge-over-170-in-a-year/">surpassingthe $1.58 trillion in spot trading</a> on centralized exchanges.<a href="https://www.financemagnates.com/cryptocurrency/sec-targets-robinhoods-crypto-trading-arm-with-potential-enforcement-action/">Despitereceiving a Wells notice</a> from the US Securities and <a href="https://www.financemagnates.com/terms/e/exchange/">Exchange</a> Commissionearlier this year, Robinhood appears undeterred in its crypto ambitions. Thecompany has been actively broadening its cryptocurrency…
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EqualsGroup plc (AIM: <a href="https://www.financemagnates.com/tag/equals/">EQLS</a>), a publicly listed fintech payments company, announced a visible revenue jump for the first half of 2024 in a trading update released today (Wednesday). Revenue rose 33% compared to the same period last year. However,the company did not provide data on net income or other important financialmetrics.Equals Group ReportsStrong H1 2024 Revenue Growth, Up 33% Year-on-YearEqualsreported total revenues of £60.0 million for H1 2024, an increase of more than30% compared to £45.0 million in the same period last year. This growth wasdriven primarily by strong performance in the Solutions and InternationalPayments segments.FX revenuesalso modestly increased, amounting to £25.24 million compared to £24.7 millionreported in H1 2023. “FXrevenues, which incorporate both direct and white-label, are partly reliant onmarket conditions and volatility in rates leading to increased customeractivity,” the company commented <a href="https://www.londonstockexchange.com/news-article/EQLS/trading-update-notice-of-results/16549504">in the trading update</a>. “After a quiet Q1-2024, we saw a strong pick up in Q2-2024. Overall, FX revenues from B2C customers aresubdued given macro-economic conditions whereas B2B revenues are more robust.”Equals Group Plc @meetequals <a href="https://twitter.com/hashtag/EQLS?src=hash&ref_src=twsrc%5Etfw">#EQLS</a> has published a new Regulatory News announcement.Please click on the below title to see the full release:Equals Group PLC - Trading Update & Notice of Results<a href="https://t.co/t1v3ZBASF3">https://t.co/t1v3ZBASF3</a> <a href="https://t.co/Ox3hX9JUBe">pic.twitter.com/Ox3hX9JUBe</a>— Research Tree (@research_tree) <a href="https://twitter.com/research_tree/status/1808383980774822016?ref_src=twsrc%5Etfw">July 3, 2024</a>Revenue persingle day in the second quarter was £527,000, up 36% from £388,000 reported inQ2 of the previous year.Keyhighlights from the trading update include:Solutionsrevenue surged to £24.7 million in H1 2024, up from £13.6 million in H1 2023International<a href="https://www.financemagnates.com/terms/p/payments/">Payments</a> revenue increased to £13.0 million, compared to £11.0 million in theprior year periodFee-basedrevenues showed strong growth, particularly in the Solutions segmentInterestincome saw significant growth due to increased customer balances and improvedrates from banking partnersThe companyalso reported a solid cash position of £20.5 million as of June 30, 2024, withno debt. This figure accounts for a £1.9 million dividend payment toshareholders and £1.8 million in acquisition-related costs settled during theperiod.EqualsGroup's <a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a> of Equals Money Europe (formerly Oonex S.A.) on July 4,2023, has begun to contribute to revenue growth. The European subsidiaryreported revenue of €1.6 million in Q2 2024, up from €816,000 in Q2 2023 on alike-for-like basis.The companyplans to release its full interim results for H1 2024 in the week of September9, 2024. Additionally, Equals Group stated that its ongoing strategic reviewremains in progress, with a further update expected on July 10, 2024.Strong H1 2024 afterStrong 2023The resultsalign with those <a href="https://www.financemagnates.com/fintech/equals-group-reports-28-revenue-growth-in-q1-fy24/">reported for Q1 2024</a> and <a href="https://www.financemagnates.com/fintech/payments/equals-profit-more-than-doubled-in-2023-to-77-million/">the entire year of 2023</a>, during which Equals' profits doubled, reaching £7.7 million with total record revenues of £96 million. It could, therefore, be estimated that if profit constituted 8% ofrevenues, then based on the currently provided numbers from the trading update,it would be at just under £5 million.“Wecontinued to grow strongly in 2023, achieving record levels of revenue,Adjusted EBITDA, and operational cash generation,” Ian Strafford-Taylor, theCEO of Equals Group PLC, said. “This…
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FTMO, a popular brand in the prop trading industry, has strengthened its top executive roles by onboarding Radek Dyntar as the Chief Financial Officer, Finance Magnates has learned exclusively. It has also hired Eva Svobodová as the Chief Legal Officer. Both of them are bringing extensive legal expertise to their respective roles.A Boost to the GrowthThe appointments came as the Czech prop trading firm has been preparing to launch brokerage services. Recently, it also named Michael Kamerman as the Chief Executive of its brokerage division.“Eva and Radek bring invaluable experience to FTMO at this stage of growth,” said Otakar Šuffner, co-founder and CEO of FTMO. “We take our ambition to expand FTMO as a group seriously, and we know that we will not achieve this goal without having true experts in our team.”According to FTMO, the number of registrations on its platforms jumped by 30 percent year-over-year in the first three months of 2024. At the beginning of this year, it also acquired marketing agency eVisions following the acquisition of fintech company Quantlane last year.Legal Experts at FTMODyntar has joined the brokerage from Dyntar, a law firm where he spent about the last nine years. Most recently, he was the Senior Finance Transformation Advisor at the law firm but held the position of Chief Finance Officer between January 2020 and December 2023.He started his career in 1997 as a Tax Consultant and later worked at Ernst & Young for about nine years. He was also a Finance Director and Board Member at Prague-based KKCG for about four years.Svobodová is also a renowned legal mind in Europe, bringing more than two decades of legal expertise to the role at FTMO. She spent the last 19 years of her career at White & Case, a New York-headquartered law firm, where she was most recently a Partner at the Prague office.“In nearly ten years on the market, FTMO has grown from a garage startup into a global company that deals with complex legal and financial issues worldwide, in various countries with different laws,” Šuffner continued. “In all these and other areas, Radek and Eva are tremendous assets.”Interestingly, the appointments came as the regulators are also exploring possible regulations for the prop trading industry. Although FTMO’s General Counsel, Matus Tutko, earlier told Finance Magnates that he does not think regulations are “necessary [as] the current regulatory environment is robust enough,” the Czech National Bank believes that some prop trading models can come under the MiFID regulatory framework.This article was written by Arnab Shome at www.financemagnates.com.
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DXtrade, atrading platform provider for FX, CFD, and crypto brokers, has announced apartnership with Pelican, a copy trading service. The integration will allowDXtrade users to access Pelican's network of over 9,000 trading signalsdirectly within the platform.DXtrade Integrates PelicanCopy TradingPelican,known for its white-label copy trading platforms used by major global brokers,will integrate its multi-asset copy trader engine into DXtrade. The newpartnership is expected to benefit both brokers and traders by providing accessto a vast network of trading signals.Accordingto both companies’ statement, the integration of copy trading functionalityresponds to demand from brokers and traders for expanded features within theDXtrade environment. What is more, it comes as DXtrade reports growth in itsuser base. "Withour recent growth came a strong demand for a copy trading service withinDXtrade. We sought to secure the best service available in the industry for ourclients, which has been made possible through our integration with Pelican,”commented Jon Light, Head of OTC Platform at Devexperts, DXtrade's parentcompany.Since 2019,Pelican Trading has been offering a social trading platform regulated by theUK's FCA, which allows for the copying of other traders' positions and iswidely used by many trading firms. Among them are numerous FX/CFD brokers,including Eurotrader, AvaTrader, USG UK, and ETX Capital"Weare excited to partner with such a great company - who share the same ambitionsand as a partnership can offer clients and brokers a full 360-degree service,”added Mike Read, Director at Pelican.ForDXtrade, this marks another significant collaboration over the past month,following their partnership with Sage Capital to boost crypto liquidity forbrokers. Sage Capital Management provides institutional-grade crypto spot andperpetual liquidity, focusing on prioritized execution and competitive pricing.DXtrade's Recent UpdatesDXtrade hasbeen actively expanding its partnerships and integrations in recent months toenhance its offerings for brokers and traders. In May, the company integratedwith FXCubic, a trading connectivity solution provider. This partnershipcombines FXCubic's expertise in liquidity provision with DXtrade's platformcapabilities, promising improved trading efficiency and enhanced riskmanagement for brokers and their clients.Earlier inApril, Devexperts announced a cross-integration between DXtrade and BizCuits, avendor offering various tools and services for the forex and CFD industry. Thiscollaboration creates a combined solution available through a plug-and-playmodel, enabling rapid integration for brokers seeking a comprehensive tradingecosystem.Additionally,Tools for Brokers (TFB) has partnered with Devexperts to integrate the DXtradeplatform into its Trade Processor ecosystem. This integration enhances TFB'smultiplatform liquidity bridge, providing brokers with more options andflexibility in their trading infrastructureThis article was written by Damian Chmiel at www.financemagnates.com.
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Rami Fleifel, the former Head of Support and Back Office at TopFX has joined MetaQuotes as the Sales Manager. Fleifel, who shared the news on LinkedIn today (Wednesday), most recently served as the General Manager ofFondex, a forex and CFD company based in Cyprus. At TopFX, he also held therole of Head of Support for EMEA.Experience from Notable BrandsAccording to his LinkedIn profile, Fleifel has held otherkey roles in notable industry brands, including Spotoption Exchange, AFX Group,and IronFX Global. At AFX Group, he was the Business Development Manager for ayear, while at IronFX Global, he served as the Account Manager. Thislatest appointment comes as Metaquotes expands its product offering. Recently,the company launched the MetaTrader 5 platform beta build 4330, which featuresnew analytical tools for traders and resources for developers. On this newplatform, developers can access support for the latest ChatGPT model, GPT-4o.Otheradditional features on MetaTrader 5 include analytical tools that display timeand prices, draw various shapes such as rectangles, ellipses, triangles, andcircles, and add labels to their charts.Elsewhere,MetaQuotes opened a new office in Mexico City early this year as part of itsexpansion to provide services to businesses in Latin America. The opening ofMetaQuotes' representative office in Mexico promised to open access toopportunities for collaboration in the region's financial technology space.More from MetaQuotesMorecompanies are also integrating MetaQuotes into their platforms. For instance,APS, a payment service provider, integrated MetaTrader 5 Payments in March.This offering seeks to facilitate client onboarding, enhance deposittransaction conversions, and reduce broker costs. According to the company,this move will benefit both established companies and startupbrokers.To use theintegrated payments through MetaTrader 5, brokerage firms need to establish anagreement with a supported Payment Service Provider and input authorizationdata into the platform. This article was written by Jared Kirui at www.financemagnates.com.
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MarketAxess reported a substantial increase in tradingvolumes for June, driven by notable gains in US high-grade credit, emergingmarkets, and municipal bonds. The company achieved an average daily volume(ADV) of $36.5 billion, a 33.8% increase from the previous year and a 13.5%rise from May 2024.Impressive Monthly PerformanceThis growth was bolstered by strong performances intotal credit ADV, which rose to $14.0 billion, and a significant 49.8% increasein total rates ADV. The firm’s trading platform, X-Pro, reported a boost inactivity, specifically in the fixed-income securities market.X-Pro platform reportedly posted a record usage, with 56% of portfoliotrading volume executed on it during the quarter. Total portfolio tradingvolume reached $16.6 billion, marking a 104.6% year-over-year increase. Theopen trading share of total credit trading volume remained steady at 34%.The US high-grade credit segment led the charge with a17% increase in ADV to $6.6 billion. Chris Concannon, the CEO of MarketAxes, highlighted that this growth wasaccompanied by an improvement in market share, reaching an estimated 19.9% inJune. Despite a slight year-over-year decline, the month-over-month performanceshowed positive momentum, indicating a strong market presence.Today we announced fully-electronic trading volume for June and Second Quarter 2024. Read the full press release here: https://t.co/oJkttKx1Y7 #FixedIncome #ElectronicTrading #Volumes pic.twitter.com/EVURcyNo6m— MarketAxess (@MarketAxess) July 3, 2024However, US high-yield ADV experienced a decline of13.8% to $1.3 billion, with market share dropping to 13.9%. This segment facedchallenges reportedly due to lower credit spread volatility and a focus on newissuances by long-only clients. Nonetheless, the estimated market shareslightly improved from May 2024.Besides that, emerging markets displayed robustgrowth, with ADV climbing 17.9% to $3.6 billion. Contributions from regionslike LATAM, EMEA, and APAC were significant, driven by a 25.1% increase in hardcurrency ADV and record local currency market volumes.Emerging Markets and EurobondsEurobonds also performed well, with ADV up 16.1%year-over-year, despite an 11.5% decrease from May 2024. The diverse creditofferings continue to attract substantial trading activity. Municipal bondsexperienced a notable 48.4% increase in ADV to $549 million. For the second quarter, MarketAxess reported a totalADV of $34.2 billion, driven by a 22.8% increase from the previous year. Thetotal credit ADV grew by 12.4%, while total rates ADV saw a 30.9% rise. Thequarter also featured record performances in portfolio trading volumes andcontinued strength in emerging markets and municipal bonds.This article was written by Jared Kirui at www.financemagnates.com.
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MUFG and the Finnoventure Private Equity Trust fund havejointly invested $195 million in Ascend Money, a Thailand-based fintechunicorn. Ascend Money, a subsidiary of Charoen Pokphand Group, operatesextensively across Southeast Asia, spanning seven countries.Diverse Financial ServicesThe firm's flagship product, the TrueMoney super app, offersa range of financial services such as electronic payments, lending, Buy Now PayLater options, investments, and insurance.In Thailand alone, Ascend Money boasts 30 million activeusers, catering to a diverse customer base through strategic partnerships withvarious corporations, businesses, and merchants in both online and offlinesectors.Ascend Money achieved unicorn status in Thailand in 2021,reaching a valuation of $1.5 billion following a $150 million investment fromBow Wave Capital Management, Charoen Pokphand Group, and Ant Group.MUFG invests in Thai super app Ascend Money https://t.co/c7Y4SqEpdw— Finextra (@Finextra) July 3, 2024Suphachai Chearavanont, Founder and Chairman of AscendMoney, emphasized the significance of this new financing round for the company.He said: "We are confident that Ascend Money's stronggrowth trajectory, combined with MUFG's expertise and network, will enable usto create a more inclusive and vibrant financial ecosystem to accelerate bothregional and local digital transformation, benefiting millions of people andcontributing to the country's economic development."MUFG Invests in AkulakuEarlier, MUFGinvested $200 million in Akulaku, an Indonesia-based banking and digitalfinance platform under Silvrr Technology Co Limited, as Finance Magnates reported. The goalis to expand MUFG's customer base in Southeast Asia. Akulaku previously received $100 million from SiamCommercial Bank PLC. This funding supports Akulaku's mission to serveunderserved markets. Akulaku and MUFG agreed to collaborate on productdevelopment, distribution, financing, and technology across Southeast Asia.This article was written by Tareq Sikder at www.financemagnates.com.
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Revolut is on a winning streak. The fintech giant has smashed through2023 with jaw-dropping successes, leaving its competitors in the dust andsetting new benchmarks in the industry. Let's dive into the highlights of Revolut’s spectacular year and seewhy everyone in finance is buzzing about this disruptive powerhouse.Doubling Down on RevenueRevolut’s 2023 financial report is a blockbuster, with revenues set todouble from last year’s impressive figures. The company is poised to report astaggering $2.2 billion in revenue, a 95% increase year-on-year, with profitsof $428m net.The surge in revenue is driven by the firm's diverse product offerings,including <a href="https://www.financemagnates.com/terms/p/payments/">payments</a>, subscriptions, foreign <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>, and wealth managementservices. Interest income alone has become a significant contributor, reaching $621m,propelled by higher customer deposits and central bank rate hikes.Revolut just posted 2023 financial results and they are insane 🤯- $2.2B revenue (+95% YoY)- $428M net profit, up from $7M in 2022.- A record 12M new customers in 2023- $22.7B in customer balances on the platform (+38% YoY)The crazy part?70% of new retail customers… <a href="https://t.co/lMOz21IoNa">pic.twitter.com/lMOz21IoNa</a>— Linas Beliūnas (@linasbeliunas) <a href="https://twitter.com/linasbeliunas/status/1808040762099036200?ref_src=twsrc%5Etfw">July 2, 2024</a>Expanding the User BaseRevolut's user base has exploded to over 45 million globally, roughlydoubling since 2022. From debit and virtual cards to currency exchange, stocktrading, and cryptocurrency, Revolut’s diverse offerings have made it aone-stop-shop for savvy financial consumers. This extensive suite of servicescaters to both individual users and businesses, fueling its rapid expansion The introduction of new features such as joint accounts, group chatsfor expense splitting, and the high-end Ultra subscription plan hassignificantly contributed to user satisfaction and engagement. The Ultra planalone, offering a large number of benefits, underscores Revolut’s commitment toproviding value.The Elusive UK Banking LicenseDespite its soaring success, Revolut's quest for a UK banking licenseremains an issue. The company’s financial operations mirror those oftraditional banks, yet it has faced hurdles in securing this critical license.In October, Revolut <a href="https://www.financemagnates.com/fintech/paving-the-path-to-uk-banking-license-revolut-strikes-deal-with-softbank/">partneredwith SoftBank</a> in a strategic move to smoothen the path towards obtainingthis elusive license. This partnership is expected to bolster Revolut'scredentials and enhance its standing in the global financial arena.The company continues to work closely with the Prudential RegulationAuthority (PRA) to achieve this goal, as securing a UK banking license is seenas pivotal for further growth and stability in its home market.Our 2023 Annual Report is here! (Thread) 🧵1. Thanks to your trust and support, Revolut is the most downloaded finance app in the UK and Europe 🚀 <a href="https://t.co/wlQ9dgibOH">pic.twitter.com/wlQ9dgibOH</a>— Revolut (@RevolutApp) <a href="https://twitter.com/RevolutApp/status/1808172094565343732?ref_src=twsrc%5Etfw">July 2, 2024</a>Financial Performance and Investor ConfidenceRevolut’s robust financial performance in 2023 is a soothing balm forinvestors who have been on a rollercoaster ride with the fintech firm. Reportsof doubling revenue and continued user growth are likely to instill confidenceand attract more investment, propelling the company towards even greaterheights. The firm’s ability to maintain such momentum amidst licensingchallenges speaks volumes about its resilience and strategic acumen.Product Innovations and Market ReachThis year has also seen Revolut pushing the envelope with productinnovations. The company has expanded its offerings to include an even broaderrange of financial services, catering to evolving…
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Cryptocurrencyexchange Bitget has set its sights on becoming a regulated player in theworld's most populous democracy. The company's announcement comes as Indiagrapples with the complexities of integrating cryptocurrencies into itsfinancial ecosystem.Bitget Signals Intent toRegister as Regulated Crypto Exchange in IndiaThe companyrevealed it is in active discussions with India's Financial Intelligence Unit(FIU) regarding licensing requirements. Although there is increasing talk of stringentregulations in the cryptocurrency industry in the country, India remainsone of the fastest adopters of crypto in the world.The next step for crypto exchanges to hit the masses is to be compliant players. It builds retail security, trust, credibility and drives the adoption. India is a high-priority market for Bitget. We're actively navigating through regulations to make sure the platform is…— Simran Alphonso (@SimranAlphonso) July 3, 2024It is avast market, and currently, nearly one in five people globally is from India.No cryptocurrency exchange can afford to overlook such a large potentialcustomer base. This is evidenced bythe latest move from Binance, which is preparing to re-enter the localmarket."Indiais a high-priority market for Bitget," Simran Alphonso, Head of GlobalCommunications at Bitget, commented. "We're actively navigating through regulations to make sure the platform is compliant for us to serve our users in India."As part ofits efforts to establish a presence in India, Bitget is launching userawareness campaigns aimed at educating investors about digital assets. Thecompany is also maintaining transparency by providing verifiable Proof ofReserves data and offering users access to fund storage information, includingpublicly available wallet addresses.Other Regulatory MovesBitget hasalready obtained Virtual Asset Service Provider (VASP) licensesin Lithuania andPoland. The exchange has implemented mandatory KnowYour Customer (KYC) procedures to prevent illicit use of digital assets andenhance security compliance for traders.Thecompany's user protection initiatives include the BitgetProtection Fund, which reported an average valuation of $429 million inJune 2024. This fund has been a key component of Bitget's strategy to provide asecure trading environment since its launch in August 2022.Theexchange also greatly benefited from the recent cryptocurrency boom, triggeredby Bitcoin reaching record values in March 2024. The customer base of theexchange grewto 25 million, and its native token surpassed the $1 milestone.This article was written by Damian Chmiel at www.financemagnates.com.
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Digital payments have evolved significantly due to technological advancements and rising consumer expectations. Modern consumers demand almost real-time transactions, seamless integration, and a frictionless experience. In brokerage services, this translates to a need for instant fund transfers and efficient cross-border payments. With trading opportunities fleeting in seconds, the speed and reliability of payment systems are crucial to a brokerage's reputation. Meeting the Rising Expectations of Brokerage ClientsBrokerage clients are increasingly sophisticated, expecting brokers to provide market access, tools, and infrastructure for swift, efficient trades. One of the primary demands is for almost real-time payments, which is driven by the volatile nature of financial markets, where the ability to capitalise on price fluctuations can significantly impact returns.Clients also seek alternatives to traditional bank transfers, often involving fees and requiring significant time to fund accounts, reflect in trading wallets, and convert to the necessary currency for trade execution. The desire for more efficient funding options has given rise to innovative solutions such as digital wallets, peer-to-peer payment systems, and cryptocurrency transactions, offering quicker transfers, lower fees, and greater convenience for tech-savvy clients.Ox Securities: Enhancing Customer Success with Payments Innovation<a href="https://oxsecurities.com/">Ox Securities</a>, a dynamic brokerage firm established in 2013, provides a compelling example of how a brokerage can leverage fintech innovation to enhance customer success. Initially focused on the wholesale market, Ox Securities recognised the growing demand from global clients in 2019 and strategically pivoted to build the necessary infrastructure to support this burgeoning clientele.The cornerstone of Ox Securities' strategy is its seamless integration of advanced trading technology with efficient payment systems. This integration is critical for providing a superior trading experience, enabling clients to execute trades swiftly and fund their accounts almost in real time. Working with Currencycloud, a leading provider of cross-border payment solutions, helped Ox Securities to offer their customers a faster and more secure way of funding their trading accounts with foreign exchange (FX) capabilities.Understanding that customer preferences can vary widely across different regions, Ox Securities has committed to building a flexible and adaptive payment infrastructure, which ensures that popular and fast payment methods specific to each region are supported, thereby enhancing the overall customer experience. As its customer base grows, Ox Securities uses Currencycloud’s platform to automate the reconciliation of their clients’ payments – a task that was previously done manually and was cumbersome and labour-intensive. By focusing on reducing the friction associated with funding accounts and facilitating instant transactions, Ox Securities empowers its clients to act swiftly on trading opportunities, significantly enhancing their trading success. This customer-centric approach has fostered loyalty and trust among its clients and differentiated Ox Securities in a highly competitive industry where many brokers offer similar products.Having such a robust payments infrastructure enables Ox Securities to scale globally and expand its client base across new markets. Today, Ox Securities remains at the forefront of innovation, committed to offering cutting-edge trading solutions and exceptional customer service. This dedication to fintech and customer success positions the firm as a leader in the brokerage industry, proficiently serving both retail and institutional clients.Currencycloud: Redefining Cross-Border Payments for BrokersFor brokers looking to expand their market share, cross-border payments are a crucial aspect of their operations, because brokers tap into international markets and achieve diversification, which can lead to a larger client…
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Cryptocurrency exchange CoinDCX, has acquired BitOasis, avirtual asset trading platform operating in the Middle East and North Africa(MENA) region. The acquisition marks CoinDCX’s entry into the MENA market, signallinga strategic expansion.Acquisition Enhances Crypto LandscapeBitOasis, known for its significant trading volumes inEmirati dirhams, represents a substantial move by CoinDCX to bolster itspresence in the region.BitOasis recently obtained a Minimum Viable ProductOperational License issued by the Virtual Assets Regulatory Authority from theCentral Bank of Bahrain. This license permits BitOasis to function as abroker-dealer under stringent regulatory oversight, ensuring compliance withlegal frameworks.CoinDCX acquires BitOasis in international expansion push https://t.co/bH7XjK2Krf— TechCrunch (@TechCrunch) July 3, 2024Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasiswill operate independently under its current licenses, subject to regulatorysupervision. The acquisition is expected to enhance user experienceacross both platforms, offering a wider array of products and expanding tradingoptions.Gupta confirmed that user accounts on BitOasis and CoinDCXwill remain separate without any migration or linkage.This article was written by Tareq Sikder at www.financemagnates.com.
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MillwallFootball Club has entered into a multi-year partnership with fintech companyMyGuava, introducing a new front-of-shirt sponsor for the Championship side.The agreement, set to commence from the 2024/25 season, will feature theMyGuava brand on the jerseys of both the senior men's team and academy players.Millwall FC ScoresLong-Term Sponsorship Deal with Fintech Firm MyGuavaThispartnership represents Millwall's first change in front-of-shirt sponsorshipsince 2019. MyGuava, a payment platform app owned by global fintech firmGuavapay, offers users solutions for managing and spending money and financialmanagement tools.AlthoughMillwall has never played in the top tier of English football and currentlycompetes at the second level, it has a very extensive fan base and is one ofthe more recognizable and popular football clubs in the UK. Due to its locationon the outskirts of London, the team often plays matches against top-tierclubs, including popular derbies with West Ham United."Withinternational interest in both Millwall Football Club and MyGuava growingrapidly, this is a fantastic time for our partnership to begin,” Luke Wilson,Chief Commercial Officer at Millwall FC. “Guavapay are technological innovatorsin the financial payment industry, so we're looking forward to working closelywith them on a variety of ways to enhance the fan experience."As part ofthe agreement, MyGuava will introduce limited-edition Millwall-designed paymentcards, available exclusively through the MyGuava app. These cards will offersupporters the opportunity to win prizes based on their daily spending habits.Thepartnership comes as MyGuava expands its presence in football sponsorship, withexisting partnerships already in place with Queen's Park Rangers and CrystalPalace. "Weare thrilled to introduce MyGuava as Millwall Football Club's shirt sponsor andofficial payment partner,” Grant Wyatt, Head of Partnerships at MyGuava,commented on the deal. “This exciting partnership underlines our unwaveringcommitment to innovation and community engagement."Financialterms of the deal were not disclosed.This article was written by Damian Chmiel at www.financemagnates.com.
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Binance has announced significant changes to its services inTurkey. According to the firm, this is part of its focus on transparency andregulatory compliance.Binance Adjusts Turkish ServicesBinance has been monitoring regulatory developments inTurkey. The company believes in working with regulators to ensure a compliantenvironment for users. Binance supports the development of a regulatoryframework to safeguard the ecosystem. To ensure legal compliance in Turkey andglobally, the company is taking necessary measures.Binance.com will remain accessible from Turkey. However,there will be adjustments to services. The Turkish language option will begradually turned off within three months. Marketing activities for Turkishusers will be completely halted.Turkey's new crypto framework is a positive step forward for the industry.At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.More details here ⤵️ https://t.co/1ueOliKUYd— Binance (@binance) July 2, 2024Binance acknowledges that these changes will affect someusers. The company assures that user safety and experience remain a priority.All user funds are safe, and deposit/withdrawal functions will remainavailable.UAE Binance Account MigrationMeanwhile, Binancehas announced that it will move its UAE users from its global platform tothe locally regulated Binance FZE exchange, known as Binance Dubai, as reportedby Finance Magnates. Thisfollows the acquisition of a full Virtual Asset Service Provider license fromDubai's Virtual Assets Regulatory Authority. The transition requires UAEresidents to update their Know Your Customer information by December 15, 2024.Email instructions will guide users through this process. During the transition, users can still access their currentBinance Global accounts. After December 15, accounts will be automaticallytransferred to Binance Dubai, with login details unchanged. Binance FZE willprovide services such as exchange, broker-dealer, lending, borrowing, andvirtual asset management, supporting over 300 virtual assets with local fiatcurrency transactions.Users must decide between maintaining their Binance.com orBinance Dubai account, as multiple accounts per user are not permitted.Accounts not updated by the deadline will be restricted to withdrawals only.This article was written by Tareq Sikder at www.financemagnates.com.
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The influx of retail brokers in the prop trading space continues, as ThinkMarkets becomes the latest one to launch prop trading services under the brand ThinkCapital. Although the broker has yet to announce anything officially, the prop trading brand's website is already live.More Brokers into Prop TradingAustralia-headquartered ThinkMarkets has become one of the many forex and contracts for differences (CFDs) brokers offering prop trading services and technically funded trading services. The trend started with Axi, OANDA, and Hantec Markets and was later joined by IC Markets, Traders Trust, and Trade.com.As its website shows, IC Markets offers prop trading services under TC Systems FZE, a UAE-registered entity. Its services went live late last month.Furthermore, similar to other prop trading services, ThinkCapital “only provides services of simulated trading and educational tools for traders.” Interestingly, only Axi offers live market trades to its funded traders. At the same time, OANDA considers them signal generators and executes the trades by itself on live markets based on its risk management strategies.🎉 WE ARE LIVE! We are thrilled to announce that as of today, June 28th, ThinkCapital is officially live!You can now start trading in our challenges and take advantage of premium market conditions.#ThinkCapital The only prop firm to help you build your personal account. pic.twitter.com/H6DFCNHBt0— ThinkCapital (@thinkcapitalcom) June 28, 2024Traders from Europe Are WelcomeThe services under ThinkCapital are less restrictive than those under other brands, as it allows traders from European countries, except Croatia. However, like most prop brands by brokerages, ThinkMarkets’ prop trading brand would not offer services to traders in the United States.ThinkMarkets offered services to other prop trading brands for a while now. It offerings include price data of asset classes, an admin dashboard, and CRM. Further, it licenses its proprietary trading platform, ThinkTrader, to prop firms. Interestingly, the broker also grey-labelled its MetaTrader licence to prop firms, but now its website, which mentions its offerings to prop firms, does not mention MetaTrader.For now, ThinkCapital is offering prop trading on MetaTrader 5, with plans to add ThinkTrader. The website also mentions that the prop trading services will integrate TradingView to enable traders to trade directly from TradingView charts.This article was written by Arnab Shome at www.financemagnates.com.
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BUX, the Dutch neobroker now fully owned by ABN AMRO, has quietly closed down its contracts for differences (CFDs) platform, Stryk, as it focuses “more on mid and long-term investing via the BUX app.” It has also allowed customers to migrate their accounts to AvaTrade, another CFDs broker.Stryk Decommissioned“We are reevaluating the position of speculative trading products within our group’s overall offering,” the FAQ section of the now-closed platform noted. “As part of this change in strategy, we are decommissioning Stryk, our CFD trading app.”Elaborating on the decision to close the platform, BUX highlighted that it has been increasing its focus on “long-term wealth creation” and the “decommissioning of Stryk completes the strategic pivot.” It will also allow the company to “streamline [its] operations and allocate resources more efficiently.”Further, the regulatory environment also played a role. “The landscape for CFDs has changed significantly since we entered the CFD market,” the website of the closed platform added. “In this environment, we believe that our resources are better directed towards the BUX mobile app, which focuses on mid and long-term investing and is poised for healthy growth in the coming years.”Rebranding to the Strategic PathBUX initially launched its CFDs offerings under the brand BUX X but rebranded it to Stryk in July 2022 to differentiate it from the company’s zero-fee trading app, which was also rebranded to BUX from BUX Zero in mid-2023.Also, the group operated the CFDs business under its UK-regulated entity. However, it shifted the CFDs business under the Cyprus-regulated BUX Europe to expand the services in the European markets. Although the Stryk brand has been decommissioned, according to the regulatory registry, BUX Europe still holds the Cyprus Investment Firm licence.While it is unclear when exactly Stryk was closed down, Wayback Machine shows that the step was taken at the beginning of this year.Meanwhile, the acquisition of the Netherlands-based BUX was recently completed by the local lending giant ABN AMRO, which will now mark its presence in the retail investment markets. However, the financials of the deal remain unknown.This article was written by Arnab Shome at www.financemagnates.com.
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FTMO, a popular brand in the prop trading industry, has strengthened its top executive roles by onboarding Radek Dyntar as the Chief Financial Officer, Finance Magnates has learned exclusively. It has also hired Eva Svobodová as the Chief Legal Officer. Both of them are bringing extensive legal expertise to their respective roles.A Boost to the GrowthThe appointments came as the Czech prop trading firm has been preparing to launch brokerage services. Recently, it also named Michael Kamerman as the Chief Executive of its brokerage division.“Eva and Radek bring invaluable experience to FTMO at this stage of growth,” said Otakar Šuffner, co-founder and CEO of FTMO. “We take our ambition to expand FTMO as a group seriously, and we know that we will not achieve this goal without having true experts in our team.”According to FTMO, the number of registrations on its platforms jumped by 30 percent year-over-year in the first three months of 2024. At the beginning of this year, it also acquired marketing agency eVisions following the acquisition of fintech company Quantlane last year.Legal Experts at FTMODyntar has joined the brokerage from Dyntar, a law firm where he spent about the last nine years. Most recently, he was the Senior Finance Transformation Advisor at the law firm but held the position of Chief Finance Officer between January 2020 and December 2023.He started his career in 1997 as a Tax Consultant and later worked at Ernst & Young for about nine years. He was also a Finance Director and Board Member at Prague-based KKCG for about four years.Svobodová is also a renowned legal mind in Europe, bringing more than two decades of legal expertise to the role at FTMO. She spent the last 19 years of her career at White & Case, a New York-headquartered law firm, where she was most recently a Partner at the Prague office.“In nearly ten years on the market, FTMO has grown from a garage startup into a global company that deals with complex legal and financial issues worldwide, in various countries with different laws,” Šuffner continued. “In all these and other areas, Radek and Eva are tremendous assets.”Interestingly, the appointments came as the regulators are also exploring possible regulations for the prop trading industry. Although FTMO’s General Counsel, Matus Tutko, earlier told Finance Magnates that he does not think regulations are “necessary [as] the current regulatory environment is robust enough,” the Czech National Bank believes that some prop trading models can come under the MiFID regulatory framework.This article was written by Arnab Shome at www.financemagnates.com.
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RobinhoodMarkets Inc., the popular commission-free trading platform, is making moves inexpanding its cryptocurrency offerings and geographical reach. The company has launchedits services in Hawaii, Puerto Rico, and the US Virgin Islands, whilesimultaneously exploring the possibility of introducing cryptocurrency futurestrading in both the United States and Europe.Robinhood Expands CryptoOfferings, Eyes Futures Trading in US and EuropeTheexpansion into Hawaii comes on the heels of a regulatory change by the state'sDepartment of Commerce and Consumer Affairs, which no longer requirescryptocurrency services to obtain a money transmitter license to operate in thestate. This move has opened the door for Robinhood to tap into a marketpreviously known for its strict financial regulations.Thanks tothis latest update, Robinhood Crypto services are available in every US state except New York. However, the process of obtaining licenses in variousadministrative regions of the United States has been lengthy, <a href="https://www.financemagnates.com/cryptocurrency/news/robinhood-expands-crypto-services-to-8-more-us-states-hires-new-head/">stretchingover the last six years</a>.Crypto trading on Robinhood is now available in Hawaii, Puerto Rico, and the US Virgin Islands 🔥 <a href="https://t.co/rpO4WDoLK3">pic.twitter.com/rpO4WDoLK3</a>— Robinhood (@RobinhoodApp) <a href="https://twitter.com/RobinhoodApp/status/1808108680480722950?ref_src=twsrc%5Etfw">July 2, 2024</a>Crypto Futures in the US andEurope SoonIn aparallel development, sources familiar with the matter revealed to Bloombergthat Robinhood is considering offering cryptocurrency futures in the US. andEurope in the coming months. The company reportedly plans to leverage licensesfrom <a href="https://www.financemagnates.com/cryptocurrency/robinhood-ventures-into-institutional-crypto-space-with-bitstamp-buyout/">itsrecent $200 million acquisition of Bitstamp Ltd.,</a> a deal expected to closein the first half of 2025.The company increasingly focuses on cryptocurrency services in Europe, having launched <a href="https://www.financemagnates.com/cryptocurrency/robinhood-bets-big-on-crypto-in-europe-launches-staking/">astaking service just under two months ago</a>. Currently, it is based solely onthe Solana token, but it is expected to be expanded to include additional assetsin the future.Robinhood considering offering crypto futures in US, Europe, Bloomberg reports <a href="https://t.co/qgbfe7PzyC">https://t.co/qgbfe7PzyC</a> <a href="https://t.co/QEaiAboIim">pic.twitter.com/QEaiAboIim</a>— Reuters Tech News (@ReutersTech) <a href="https://twitter.com/ReutersTech/status/1808231705074905246?ref_src=twsrc%5Etfw">July 2, 2024</a>If theplans materialize, Robinhood could offer perpetual futures for Bitcoin andother digital tokens in Europe, utilizing Bitstamp's existing licenses. In the US,the company is eyeing the launch of CME-based futures for <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> and Ethereum.However, a <a href="https://www.financemagnates.com/tag/robinhood/">Robinhood</a>representative cautioned that these plans are not set in stone, stating,"We have no imminent plans to launch these offerings.” Thepotential move into crypto derivatives comes at a time when the global marketfor such products is booming. Recent data from crypto researcher CCDataindicates that in May, derivatives trading volumes reached $3.69 trillion, <a href="https://www.financemagnates.com/cryptocurrency/cryptocurrency-exchange-spot-volumes-surge-over-170-in-a-year/">surpassingthe $1.58 trillion in spot trading</a> on centralized exchanges.<a href="https://www.financemagnates.com/cryptocurrency/sec-targets-robinhoods-crypto-trading-arm-with-potential-enforcement-action/">Despitereceiving a Wells notice</a> from the US Securities and <a href="https://www.financemagnates.com/terms/e/exchange/">Exchange</a> Commissionearlier this year, Robinhood appears undeterred in its crypto ambitions. Thecompany has been actively broadening its cryptocurrency…
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EqualsGroup plc (AIM: <a href="https://www.financemagnates.com/tag/equals/">EQLS</a>), a publicly listed fintech payments company, announced a visible revenue jump for the first half of 2024 in a trading update released today (Wednesday). Revenue rose 33% compared to the same period last year. However,the company did not provide data on net income or other important financialmetrics.Equals Group ReportsStrong H1 2024 Revenue Growth, Up 33% Year-on-YearEqualsreported total revenues of £60.0 million for H1 2024, an increase of more than30% compared to £45.0 million in the same period last year. This growth wasdriven primarily by strong performance in the Solutions and InternationalPayments segments.FX revenuesalso modestly increased, amounting to £25.24 million compared to £24.7 millionreported in H1 2023. “FXrevenues, which incorporate both direct and white-label, are partly reliant onmarket conditions and volatility in rates leading to increased customeractivity,” the company commented <a href="https://www.londonstockexchange.com/news-article/EQLS/trading-update-notice-of-results/16549504">in the trading update</a>. “After a quiet Q1-2024, we saw a strong pick up in Q2-2024. Overall, FX revenues from B2C customers aresubdued given macro-economic conditions whereas B2B revenues are more robust.”Equals Group Plc @meetequals <a href="https://twitter.com/hashtag/EQLS?src=hash&ref_src=twsrc%5Etfw">#EQLS</a> has published a new Regulatory News announcement.Please click on the below title to see the full release:Equals Group PLC - Trading Update & Notice of Results<a href="https://t.co/t1v3ZBASF3">https://t.co/t1v3ZBASF3</a> <a href="https://t.co/Ox3hX9JUBe">pic.twitter.com/Ox3hX9JUBe</a>— Research Tree (@research_tree) <a href="https://twitter.com/research_tree/status/1808383980774822016?ref_src=twsrc%5Etfw">July 3, 2024</a>Revenue persingle day in the second quarter was £527,000, up 36% from £388,000 reported inQ2 of the previous year.Keyhighlights from the trading update include:Solutionsrevenue surged to £24.7 million in H1 2024, up from £13.6 million in H1 2023International<a href="https://www.financemagnates.com/terms/p/payments/">Payments</a> revenue increased to £13.0 million, compared to £11.0 million in theprior year periodFee-basedrevenues showed strong growth, particularly in the Solutions segmentInterestincome saw significant growth due to increased customer balances and improvedrates from banking partnersThe companyalso reported a solid cash position of £20.5 million as of June 30, 2024, withno debt. This figure accounts for a £1.9 million dividend payment toshareholders and £1.8 million in acquisition-related costs settled during theperiod.EqualsGroup's <a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a> of Equals Money Europe (formerly Oonex S.A.) on July 4,2023, has begun to contribute to revenue growth. The European subsidiaryreported revenue of €1.6 million in Q2 2024, up from €816,000 in Q2 2023 on alike-for-like basis.The companyplans to release its full interim results for H1 2024 in the week of September9, 2024. Additionally, Equals Group stated that its ongoing strategic reviewremains in progress, with a further update expected on July 10, 2024.Strong H1 2024 afterStrong 2023The resultsalign with those <a href="https://www.financemagnates.com/fintech/equals-group-reports-28-revenue-growth-in-q1-fy24/">reported for Q1 2024</a> and <a href="https://www.financemagnates.com/fintech/payments/equals-profit-more-than-doubled-in-2023-to-77-million/">the entire year of 2023</a>, during which Equals' profits doubled, reaching £7.7 million with total record revenues of £96 million. It could, therefore, be estimated that if profit constituted 8% ofrevenues, then based on the currently provided numbers from the trading update,it would be at just under £5 million.“Wecontinued to grow strongly in 2023, achieving record levels of revenue,Adjusted EBITDA, and operational cash generation,” Ian Strafford-Taylor, theCEO of Equals Group PLC, said. “This…
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Dutch lender ABN AMRO has completed the acquisition of BUX, a growing European neobroker, about seven months after entering into the deal. The announcement today (Wednesday) confirmed that completion came following regulatory approvals and the completion of the transactions.A Push to Enter the Retail Investment SpaceDespite the acquisition, BUX will continue to operate as a separate entity from its parent company, ABN AMRO. However, the BUX logo will feature the bank's endorsed logo to symbolize the backing.By acquiring BUX, the Dutch bank has expanded its grip in the retail investment space. The acquisition positions the combined entity as the number one platform for new investors in the Netherlands.“In combination with BUX, we can help clients begin to take control of their financial future at an early stage in their lives,” Annerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking of ABN AMRO, said. “BUX has made this extremely easy through their innovative and user-friendly platform. We cannot wait to build on that and improve our offering for future generations.”A Growing NeobrokerEstablished in 2013, BUX is headquartered in the Netherlands and offers services across Europe, including Belgium, France, Germany, Spain, Italy, Austria, and Ireland. According to the company, it has about 500,000 clients across Europe.“Through this collaboration, we combine ABN AMRO's extensive expertise in personal finance and investing, and its years of experience with the capabilities offered by BUX's accessibility, knowledge of future generations, and user-friendly investment platform,” said the CEO of BUX, Yorick Naeff. “This allows us to better serve the new generation of investors while maintaining our speed, agility, and unwavering commitment to innovation.”The acquisition came when fintech companies were growing at a tremendous pace. Recently, Revolut revealed that it closed 2023 with a pre-tax profit of £438 million, pivoting from a loss of £25.4 million in the previous year. Its revenue also surged by 95 percent to £1.8 billion.This article was written by Arnab Shome at www.financemagnates.com.
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