Lion obtains license to expand FX broker in Singapore

Rick Steves

A significant share of its customers is comprised of “well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong”.

Lion Group has announced its Singapore subsidiary has been granted a Capital Markets Service License from the country’s financial watchdog, MAS.

The Monetary Authority of Singapore’s CMS License allows Lion Singapore to deal in exchange-traded derivatives contracts, over-the-counter derivatives contracts, and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading.

Chunning (Wilson) Wang, CEO of Lion, said: “We are pleased to establish Lion into Singapore and expand our regional Asia presence. As part of our strategic expansion plan, this milestone allows us to explore new business opportunities across Southeast Asia. Singapore is one of the world’s primary financial centers, and we expect this new license to boost our existing CFD and TRS businesses, generating value for our shareholders.”

Lion Group now has licenses in Hong Kong, Singapore, Cayman Islands, and Dubai as the firm expands globally. The company intends to establish its new office and have dual headquarters in Hong Kong and Singapore.

Lion offers contract-for-difference (CFD) trading, insurance brokerage, futures brokerage, and securities brokerage on its platform. The group is also a developer of new growth products that include SPAC sponsorship, NFT, and Metaverse-related initiatives.

A significant share of its customers is comprised of “well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong”.

Earlier this year, Lion Group completed the acquisition of 100% of Lion Fintech Group Limited, which holds 70% voting rights and economic interest in Royal Lion Investment Limited, a company incorporated in the Cayman Islands, which holds 100% interest in Royal Lion Middle East DMCC, which is licensed to carry out proprietary trading in crypto-commodities through the Dubai Multi Commodities Centre (“DMCC”).

Royal Lion Middle East DMCC is the license holder with DMCC that supports FIAT currency. This transaction will allow Lion’s clients to exchange FIAT currencies with crypto currencies on an efficient and secure platform.

“We are pleased to complete this acquisition and expand our trading business into the crypto asset market. As the financial services industry continues to evolve, Lion remains committed to expanding its service offerings to support our clients’ trading needs as we continue to create meaningful value for our shareholders”, CEO Wang said at the time.

Read this next

Digital Assets

Crypto miner BitFuFu to go public on Nasdaq through $1.5 billion SPAC merger

Cloud-mining service provider BitFuFu, backed by industry giant Bitmain, will go public through a merger with a blank-check firm in a deal that values the combined entity at $1.5 billion. This valuation is 4.6x 2022 projected revenue and 3.3x projected December 2022 annualized recurring revenue.

Digital Assets

Bithumb will no longer allow withdrawals to unverified crypto wallets

Bithumb, one of South Korea’s big four exchanges — alongside Coinone, Korbit, and Upbit — exchange is moving to block the use of anonymous wallets.

Retail FX

Cyprus compensation fund (ICF) to protect customers of Sonafx and BelightFX

The Cyprus Securities and Exchange Commission (CySEC) today published a new list of financial services providers that were disbarred from its lifeboat scheme.

Opinion

Exclusive interview with Stacey Van Niekerk of Finalto Group

With qualifications in A+ IT certification; in programming and wealth management as well as currently studying Investment Management at CISI Stacey Van Niekerk is an incredible asset to the Finalto Group. Having 10 years combined extensive experience in the Financial Industry working and helping Brokerage Firms and Fintech companies assist clients around the world in regions such as Australia; Africa; Europe; Asia; Uk and Mena Stacey is now responsible for driving Finalto’s B2B technology offering.

Institutional FX

MOEX lifts restrictions on repo transactions, including short positions

Russia’s largest institutional trading venue has lifted restrictions it applied last month to repo transactions with a central counterparty (CCP) in US shares.

Retail FX

USGFX has a heavy shortfall in client money, nearly $350M missing

BRI Ferrier, the liquidators of Union Standard International Group, known as USG or USGFX, today said creditor claims have hit $357 million, and this amount may increase further.

Industry News

Ripple fails to stop discovery extension amid SEC’s 180º on Hinman’s speech

The plaintiff has made a 180º turn by suggesting that the speech wasn’t merely peripheral to actual policy formulation”, but was in fact an “essential link” in the SEC’s deliberative process with respect to Ether” and other digital assets. 

Digital Assets

Gemini hires Pravjit Tiwana as CTO with eyes on Web3 and Metaverse

“I want to help build Web3 and the decentralized Metaverse. The promise is as big as the Internet itself and Gemini is well-positioned to help build and catalyze that future.”

Institutional FX

Broadridge automates Santander’s Shareholder General Meeting services in Spain

Broadridge has recently expanded coverage for proxy processing and extended voting windows for 20 sub-custody markets in 2021, with more markets to follow in 2022 and 2023.

<