Broctagon acquires Labuan license to expand FX liquidity across Asia

Rick Steves

The firm also appointed Cecilia Chan as its Executive Director and Head of FX. Ms. Chan joins Broctagon from Singapore Exchange, where she was Vice President.

R5FX enters Singapore

Broctagon Fintech Group has acquired a Labuan Money Broking License, which enables the liquidity provider to now offer regulated bank-grade FX liquidity to its clientele.

The Labuan license will allow the Multi-asset liquidity provider to strategically positioned to support a growing Asian market as it offers clients a tailor-made experience that directly aligns with their individual objectives.

Broctagon is leveraging the fact that it has been part of the Asian FX ecosystem for close to a decade, while most large liquidity providers are based in the West.

The firm appointed Cecilia Chan as its Executive Director and Head of FX. Ms. Chan joins Broctagon from Singapore Exchange, where she was Vice President.

She joined in January 2021 from Hang Seng Indexes Company, where she was Senior Manager of Exchange and Regulatory Relations based in Hong Kong, leveraging her prior experience and network developed at SGX, where she was Director of Membership and International Coverage, also in Hong Kong.

Other past roles in her FX career include Head of Futures at Maybank Kim Eng, Strategic Planning Manager at Phillip Futures, and Dealer at MF Global.

As one of the few female leaders within the FX sphere, her experience is expected to expand the liquidity arm of the business, Broctagon Prime Markets Limited, across the region.

Cecilia Chan, Executive Director of Broctagon Prime Markets, said: “Cultural and physical differences in Asian markets often lead to friction in FX processes. By understanding their needs, we can offer our clients truly bespoke, holistic trading solutions. Our unique understanding of both FX and cryptocurrency also allows us to identify opportunities to support brokers in expanding their businesses into other asset classes.”

Don Guo, CEO of Broctagon Fintech Group, said: “Covid-19 has changed the international trading landscape and we see something stirring in Asian trading. The capital markets in the region are becoming increasingly sophisticated and there is fresh demand for exceptional trading infrastructure to support this evolution, with Labuan playing a growing role as a financial and trading hub.”

Broctagon’s new Money Broking Licence is officially approved by the Labuan International Business and Financial Centre (Labuan IBFC) under its statutory body Labuan Financial Services Authority (Labuan FSA).

First provisionally approved in October 2020, the liquidity provider has since fine-tuned its many offerings to further support its diverse clientele.

Broctagon has recently partnered with Spotware Systems to offer a cTrader white label solution.

Read this next

Digital Assets

As SPAC bubble bursts, Circle terminates its $9 billion merger with Concord

USDC stablecoin issuer, Circle has terminated its planned $9 billion SPAC merger with publicly traded blank-check company Concord Acquisition Corp.

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.

Technology

CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

Institutional FX

FIA EXPO: ICE’s Brian Norris talks ESG investment, carbon credits and market data

The FIA Futures & Options Expo, now in its 38th year, convened the listed derivatives dealers, thought industry leaders and other stakeholders for two days of networking.

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

<