MultiBank Group gets new regulatory licenses from UAE and Singapore
MultiBank Group, one of the largest online financial derivatives providers worldwide, has secured two reputable and strategic regulatory licenses from the Securities and Commodities Authority of the United Arab Emirates (SCA) and the Monetary Authority of Singapore (MAS).
MultiBank Group, one of the largest online financial derivatives providers worldwide, has secured two reputable and strategic regulatory licenses from the Securities and Commodities Authority of the United Arab Emirates (SCA) and the Monetary Authority of Singapore (MAS).
The addition of these coveted licenses extends the group’s regulatory arsenal to include heavily regulated companies authorised by ASIC in Australia, BaFin in Germany, FMA in Austria, SCA in the United Arab Emirates, MAS in Singapore and CIMA in the Cayman Islands.
MultiBank Group has maintained an unparalleled regulatory record, closely supervised by over 11 financial regulators across various jurisdictions. The company maintains more than 25 branches spanning five continents worldwide.
MultiBank has also bolstered the protection of its clients’ assets, bringing all client funds under a one-of-a-kind excess loss insurance. The insurance is underwritten by Lloyd’s of London, one of the world’s leading insurance organizations, and is available to all clients at no additional cost.
Multibank Founder and Chairman Naser Taher, who in 2022 was awarded as one of the 50 Most Influential Financial Figures in Global Financial Markets, comments:
“It is with great delight that today we announce the launch of newly licensed entities regulated by SCA and MAS. We are the world’s most heavily regulated broker, registered with over 11 regulators worldwide, and shall continue our long-term commitment to advancing regulatory standards for the benefit of traders globally. We are very proud that MultiBank Group has an impeccable record with its global regulators. In an age where ‘AAA’ rated banks encounter consistent regulatory challenges, such a flawless regulatory status is indeed unique within this industry. As a result of our considerable track record, our over 1,000,000 valued clients, have entrusted us for the last three decades to be their safe and trusted financial products and fintech provider”.
Per its recent financial results, MultiBank enjoyed a boom in trading volumes with a record turnover of more than $12.1 billion per day.
Although the wave of interest in the meme-stocks phenomenon and cryptocurrencies has receded, MultiBank managed to keep hold of many new clients and benefited from its decision to diversify away from traditional trading products.
MultiBank disclosed a record annual revenue of $189 million in FY 2021, significantly above pre-pandemic levels. This was an impressive 35.4% increase from 2020’s results, marking a record-breaking year for the global giant.
Founded in 2005, MultiBank Group has a current paid-up capital of over $322 million and counts an extensive client-base of over 320,000 customers from across 90 countries.
Moreover, the group continues its strategic focus on developing and investing in advanced trading technologies. Specifically, MultiBank launched MEX Digital, a global digital asset exchange that offers trading in more than 20 of the world’s top cryptocurrencies. The group has also set up MEX Pay, an electronic money institution offering online banking for both individuals and businesses, enabling customers to trade and bank in traditional currency as well as cryptocurrency.
