Australian regulator responds to enquiries about My Group Fintech

Maria Nikolova

Clients who invested through another overseas-based entity Managed In Assets (MIA), recently discovered zero balances in their FX trading investment accounts, held with MGF.

Sydney Australia

The Australian Securities & Investments Commission (ASIC) today confirms that it has been contacted by overseas-based investors about an entity named My Group Fintech Co Pty Ltd (MGF).

ASIC explains that there are two entities with the same name – an Australian registered company, as well as a Saint Vincent and The Grenadines-based company. These entities may be related.

My Group Fintech Co Pty Ltd with ACN 615 855 840 is an Australian financial services licensee headquartered in Sydney. This company holds Australian Financial Services Licence (AFSL) 493603.

My Group Fintech Co Pty Ltd with registration number 24375 IBC 2017, appears to be incorporated in Saint Vincent and The Grenadines. This overseas-based entity claims to be a member of the National Futures Association in the United States of America.

Reports made to ASIC indicated that clients who invested through another overseas-based entity Managed In Assets (MIA), recently discovered zero balances in their FX trading investment accounts, held with MGF.

ASIC notes that it does not have jurisdiction to consider conduct occurring outside of Australia – particularly where both the financial services provider and client are located overseas. For the time being, ASIC is closely monitoring developments in relation to MGF, however the regulator only comments publicly on its activities in limited circumstances, as doing so may prejudice its inquiries.

If the services are provided by an overseas based company, ASIC advises investors to consider:

  • Contacting the company directly – using the contact details in your investment documentation or obtained from the regulatory authority where the company is incorporated. For My Group Fintech Co Pty Ltd with registration number 24375 IBC 2017, this regulatory authority may be the St Vincent and The Grenadines Commerce and Intellectual Property Office:
  • Contacting the financial services regulator in the overseas jurisdiction where the company is registered to see if they may be able to provide information or assistance. The Saint Vincent and The Grenadines Financial Services Authority can be contacted via their website:
  • Contacting the financial services regulator in the investors’ country of residence, to report their concerns.

ASIC does not generally have jurisdiction to act where entities offer financial products and services outside of Australia, to non-Australian residents.

If the services were provided by the Australian AFSL holder, an investor may consider:

raising the matter directly with the company via its internal dispute resolution process. Investors can contact MGF at:

  • My Group Fintech Co Pty Ltd
  • One International Towers Level 35, Suite 15
  • 100 Barangaroo Avenue Barangaroo NSW 2000
  • Email: [email protected]

If investors are not satisfied with the response they receive from MGF they can refer the matter to MGF’s external dispute resolution provider, the Australian Financial Complaints Authority (AFCA). MGF is a member of AFCA, and AFCA’s services are free to consumers.

Finally, if you have been affected by MGF’s conduct and have not yet lodged a report of misconduct with ASIC, the regulator encourages you to contact it through its website.

Read this next

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 

Technology adds stock options APIs to market data platform that includes FX and Crypto has launched a new set of stock options APIs to its entirely self-serve real-time data APIs, which includes stocks, crypto, forex, and options APIs free to use.

Market News

What’s in store for markets this week!

After The UK government unveiled their top tax rate cut, setting fire to GBP Cross pairs, prompting an intensive sell-off on the cable


FinanceFeeds Podcast Ep. #7: Exness’s Elena Krutova shares how to recruit the best talent in FX

FinanceFeeds is delighted to announce the release of the FinanceFeeds Podcast’s seventh episode featuring Elena Krutova, Chief People Officer of Exness, the renowned FX and CFD broker headquartered in Cyprus.

Executive Moves

Crculus taps Michael Idzkowski as head of sales

Michael Idzkowski has joined Crculus, a UK-based startup that describes itself as a multi-custody middleware infrastructure for financial institutions, in the post of its head of sales.