Fazzaco Weekly Digest: Archax Taps METACO; ING Divests Pyctor to GMEX; Christina Theodorou Leaves Spotware Systems; Barclays Shuts Down 15 Branches

Take a look at the latest happenings in this week's news digest from around the forex and fintech industry. Here are some of the top headlines from this past week.

1. Exclusive: Spyros Papachristoforou Promoted as Chief Technology Officer at IC Markets

Fazzaco learned that IC Markets, an Australian-based online retail forex and contract for difference (CFD) broker, has promoted Spyros Papachristoforou as its Chief Technology Officer.

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Spyros has extensive experience of working in the financial services industry. As seen on his Linkedin profile, he originally joined IC Markets in 2017 as a System Administrator. Then, he reached the senior position of Head of IT/TPA, a role he held up until this month, paving the way for his promotion.

2. Archax Taps METACO to Expand Institutional Digital Asset Custody Solutions on IBM Cloud

Archax, a global, regulated, digital asset exchange, brokerage and custodian based in London, has selected METACO, the market-leading provider of digital asset custody and orchestration technology to global financial institutions, to underpin and expand its institutional custody solutions for digital assets. Archax is deploying its technology on IBM Cloud in order to leverage the confidential computing capabilities of IBM's digital asset infrastructure.

Archax is the UK's first digital securities exchange, brokerage and custodian licensed by the Financial Conduct Authority (FCA), supporting institutional investors to trade in a variety of digital assets such as digital securities and cryptocurrencies, as well as traditional securities too.

3. ING Divests Pyctor Digital Assets Technology to GMEX Group

ING announced that it has spun out Pyctor to GMEX Group (GMEX), a leader in digital business and technology solutions for exchanges and post-trade market infrastructure.

Pyctor's digital post-trade market infrastructure technology is designed for firms operating in regulated environments. It provides highly secure digital custody and transactional network services for a broad range of digital assets, as well as delivering interoperability between permissioned and public blockchains. Pyctor was incubated in ING Neo's Amsterdam innovation lab, in collaboration with major financial institutions and regulators.

4. Christina Theodorou Leaves Spotware Systems to Take COO at Skyground

Fazzaco learned that Christina Theodorou has ended her tenure as Chief Operating Officer (COO) at Spotware Systems after spending nearly five months with the company.

In addition, Theodorou unveiled via social media that she has joined Skyground, an independent group of fintech companies.

5. Barclays to Shut down Another 15 Branches

Barclays bank has revealed 15 new branch closures, on top of the 13 it confirmed in March, 27 in May, and 29 in June - all of which are set to shut this year.

Since the start of 2022, the bank has already closed dozens of its branches. Based on its current schedule, by the end of the year it will have shuttered 147 sites.

6. UK Treasury Committee Launches Investigation over Crypto-Assets

The Treasury Committee calls for written evidence as it launches a new inquiry into crypto-assets.

In the inquiry, the Committee will explore the role of crypto-assets in the UK, as well as the opportunities and risks they bring to consumers and businesses.

7. Switzerland's Financial Institution PostFinance Enters into Crypto Industry

Swiss post office's banking unit, the state-owned PostFinance, is reportedly preparing to enter the crypto market. "Our clients want direct access to this market through their house bank."

The banking and financial services arm of Swiss Post, the state-owned enterprise responsible for Switzerland's postal and other essential public infrastructure services, is reportedly planning to offer its customers direct access to cryptocurrencies.