Fazzaco Weekly Digest: FXTM Renounces CIF License; Finalto Partners with PrimeXM; Know About Bulgarian FSC License
Last week, ForexTime (FXTM) relinquished its CIF license and ceased its operations in Cyprus, attracting widespread attention in the industry.
In terms of liquidity, Finalto's Asian entity has partnered with PrimeXM, a Forex trading industry technology provider, aiming to reinforce liquidity and trading capabilities in the Asia-Pacific region, with a particular focus on Singapore.
Also joining forces are MetaQuotes and financial technology company Unlimit, which last week announced that it has been appointed as the operator of built-in payments for MetaQuotes's MT5.
Additionally, several trading firms, such as NAGA, Plus500, and Cboe Global Markets, have released their trading data for the full year of 2023.
In the latest audio series article, Fazacco discussed the forex license from the Financial Supervision Commission (FSC) of Bulgaria, intending to provide reference and assistance for brokers entering the European market.
Here are the related details, as well as some of the most read forex, fintech, and regulation news pieces and articles from Fazzaco over the last week.
1. FXTM Renounces CIF License and Ceases All Operations Under Its Cypriot Entity
ForexTime Ltd (FXTM), a global leader in online financial trading and investing, has relinquished its Cyprus Investment Company (CIF) license and ceased all operations in Cyprus as of 31 December 2023.
According to data obtained by Fazzaco from the official website of the Cyprus Securities and Exchange Commission (CySEC), FXTM is currently under review by the regulator regarding its voluntary surrender of authorization.
2. Mohanad Yakout Leaves ONEPRO as Global Head of Market Research
Fazzaco learned that ONEPRO, a trader-focused fintech company, has seen the departure of its Global Head of Market Research, Mohanad Yakout, a seasoned analyst in the financial sector. Mohanad was with ONEPRO for the past year and a half, based in Dubai.
"I would like to express my deepest gratitude to the ONEPRO team for the opportunity to work with them, and I am immensely thankful for all that I have accomplished during this time," said Mohanad.
3. Finalto and PrimeXM Team up to Enhance Liquidity and Trading Capabilities in APAC
Finalto, the world-leading liquidity provider & prime of a prime broker, announced on Monday a strategic partnership between its Asian entity and Forex trading industry technology provider, PrimeXM, in a move to reinforce liquidity and trading capabilities in the Asia-Pacific region, with a particular focus on Singapore.
In this collaboration, Finalto Asia leverages XCore, PrimeXM's leading trading and aggregation engine solution, integrating its financial service experience with the cutting-edge technology solutions of PrimeXM. Both companies are aimed at establishing robust and sophisticated liquidity frameworks to empower financial markets in APAC by offering enhanced access to liquidity, advanced trading technologies, and a more diverse range of financial instruments.
Forex brokers know the EU's Markets in Financial Instruments Directive (MiFID) pretty well, as it connects the regulatory authorities of all EU countries in one network. That's why any forex broker who wants to enter the EU market would love to get a license from a MiFID regulator, and the most popular one is the CySEC license from Cyprus. But today we are going to talk about the forex license from the Financial Supervision Commission (FSC) of Bulgaria, an overlooked Southeast European country.
5. NAGA 2023 Performance Exceeds Expectations, with Revenues of €45.5M
NAGA Group AG, a social trading focused FinTech company, unveiled its preliminary financial results for the full year of 2023, indicating robust performance during the year with both revenues and EBITDA well above analysts' most recent expectations.
NAGA generated about €45.5 million revenues in 2023, or just under USD $50 million, compared to 2022's €57.6 million. EBITDA stood at approximately €7 million. The company cut marketing expenses significantly to €5.5 million from €28.5 million in the prior year.
6. Unlimit Selected To Operate Built-In Payments For MetaTrader 5
MetaQuotes announced Thursday that it has forged a partnership with the global fintech company, Unlimit, appointing the company as its operator of built-in payments for MetaTrader 5, the industry-leading multi-asset platform for brokerages.
This collaboration combines Unlimit's secure payment solutions with MetaQuotes' cutting-edge platform, ensuring a secure and streamlined experience for brokers' worldwide clients.
7. A Recap on the 2023 Financial Market with Fazzaco: These 12 Articles Tell You All
A new year has arrived, and I bet you've left behind the exhaustion of the previous year during the festive season of Christmas and New Year. You must have recharged yourself for the upcoming work challenges from the lively interactions with your friends and the cozy moments with your family!
After getting back to the office from the delightful holiday, the Fazzaco team will once again recap the highlights of 2023 for you, with articles handpicked and contributed by our senior editors and business partners, reflecting on the financial sector of last year.
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