ACY Securities has announced the appointment of Phil Kim as Director of Institutional Sales, Asia for its institutional division ACY Connect.
The multi-asset CFD broker is signalling an expansion of its Asian institutional business, the latest move to strengthen its institutional offering and expand its global market presence.
Phil Kim joins ACY after roles at ISAM Securities, Sucden, LMAX, and FXCM Pro
Phil Kim joins ACY Securities after previously holding senior institutional sales positions at ISAM Securities, Sucden Financial and LMAX Group in the Asia-Pacific region, based in Hong Kong. Prior to that, he was based in New York, where he served as Vice President at FXCM Pro.
Bringin nearly two decades of foreign exchange industry experience to the role, Phil Kim will focus on developing institutional client relationships across Asia and identifying new business opportunities.
Phil Kim will report directly to ACY Securities’ CEO Jimmy Ye while working across ACY Connect’s operations.
“Proven track record in institutional sales within the FX industry”
Jimmy Ye, CEO at ACY Securities, said: “We are thrilled to welcome Phil Kim to the ACY Connect team. His extensive experience and proven track record in institutional sales within the FX industry make him an invaluable addition as we continue to expand our global footprint. Phil’s expertise will be instrumental in driving our business development efforts in Asia, and we look forward to the contributions he will bring to our organization.”
Phil Kim, ACY Connect’s new Director of Institutional Sales, said: “I’m thrilled to be joining ACY Group, which has established itself as a very successful and well-respected name in the financial services industry. Furthermore, I look forward to growing the ACY Connect institutional offering and client base globally.”
ACY Securities expands in Africa and Middle East
ACY Securities’ expansion is being felt elsewhere as well. The multi-asset broker recently acquired Ingot Brokers South Africa, the FSCA-regulated entity of the CFD brokerage company. The acquisition comes with an FSCA license and authorizes ACY Securities to provide financial services in terms of section 8 of the Financial Advisory and Intermediary Services Act. For several years, the Australia-headquartered broker has been actively exploring acquisition opportunities in Africa, Southeast Asia, and Europe. It can now cross South Africa off the list.
Now fully licensed to operate in South Africa under the regulation of the Financial Sector Conduct Authority, ACY Securities is further expanding its global presence not only by offering its renowned brokerage services but also by expanding its proprietary trading platform, LogixTrader, into new markets.
By acquiring Ingot Brokers South Africa, ACY Securities will extend its premium trading services and cutting-edge technology to clients in South Africa, offering them access to more than 2,200 financial instruments within a robust regulatory framework. Earlier this year, the company launched LogixTrader, made significant updates to its Swap-Free Account, and eliminated fees for cryptocurrency deposits, underscoring its commitment to innovation and client service.
ACY extended the Swap-Free accounts’ admin fee to 4 days
As part of its attractiveness within the Muslim world, ACY Securities enhanced its Swap-Free account offering following a comprehensive review of its product suite. The CFD broker announced that the time before an admin fee is applied to Swap-Free accounts has been extended from 2 days to 4 days.
The decision will provide Islamic Account users with greater value and flexibility as the Swap-Free Account, which is designed to meet the needs of traders who follow Sharia law, now offers an extended period before an admin fee is applied.
With more time to manage their positions without incurring any additional fees, Swap-free account users are provided enhanced flexibility in their trading strategies while ACY Securities maintains the highest standards of client service, the broker clarified.
ACY Securities has been increasingly targeting Muslim traders. A recent move was the appointment of Dr. Nedal Alchaar as Chief Economist for its Middle East and North Africa (MENA) division. Dr. Alchaar brings to the table a treasure trove of experience in finance, economics, and academia, having previously served as Syria’s Minister of Economy and Trade, among other roles.
His contributions to Islamic Finance have not gone unnoticed. Among his many accolades are His Highness Sheikh Mohammed Bin Rashid Al Maktoum Prize for Banking Excellence in 2006, and two nominations for The Nobel Prize. Arabian Business Magazine also ranked him as the eighth most influential business figure in the Arab World.
The hiring of Dr. Alchaar underlines ACY’s commitment to melding top-tier expertise with its core values of client-focus and technological innovation. His vast experience and insights into Islamic Finance could prove instrumental as ACY seeks to expand its footprint in the MENA region and the wider Muslim world.
