Fazzaco Weekly Digest: Wells Fargo's Latest Appointment; Fiserv Acquires BentoBox; LiteForex Rebrands to LiteFinance

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. ​Wells Fargo Appoints Mike Riley and Dan Thomas as Co-Heads of Markets

Wells Fargo & Company (Wells Fargo), a leader in the financial services headquartered in the US, announced that it has named Mike Riley and Dan Thomas co-heads of the Markets division of its Corporate & Investment Bank (CIB), tasked them with leading all of CIB’s markets-driven activities, reporting to Jon Weiss, CEO of CIB.

​“Mike and Thomas are strategic leaders and superb risk managers, with longstanding institutional knowledge, industry relationships, and proven track records running high performing teams,” said Jon Weiss, CEO of CIB. “I look forward to leveraging their collective leadership, expertise and insights to chart the future of our Markets business and enhance its role as an important contributor to growth opportunities within our Corporate & Investment Bank.”

2. Fiserv Closes Acquisition of Marketing and Commerce Platform BentoBox

Fiserv, Inc. (Fiserv), a leading global provider of payments and financial services technology solutions, announced on Monday the acquisition of the marketing and commerce platform BentoBox.

Through existing Clover® from Fiserv integration, BentoBox is successfully connecting the online and on premise for a single, modern restaurant experience.Clover®, part of Fiserv company, builds the largest open-architecture point of sale solution aimed at small & medium sized business owners.

3. LiteForex Officially Announces Its Rebrand to LiteFinance

Fazzaco learned that LiteForex, a multi-asset brokerage platform, has changed its name to LiteFinance. According to the company, the move is the first step in rebranding the group of companies.

"At the first stage, we have changed the company's logo, trademark, and organizational structure. From now on, our official site is located at www.litefinance.com/, and our client space is at my.litefinance.com,"the broker stated.

"Restructuring our company, we aim to get licenses in new jurisdictions and thus develop our services further. Also, we would like to mention that the restructuring process will in no way affect our existing or new clients as the broker's founders and team remain the same,"the broker added.

4. FINRA Orders StoneX to Pay a Fine of $60,000 for Compliance Failures

The Financial Industry Regulatory Authority (FINRA) has filed and settled enforcement actions against StoneX, a broker-dealer that has been a FINRA member since March 1999.

StoneX has consented to a censure and a fine of $60,000. And FINRA mentioned that it will not bring any future actions against the respondent alleging violations based on the same factual findings.

​5. Jessica Amir and David Harvie Join Saxo Markets Australia

Saxo Markets Australia, a online trading and investment specialist and a wholly owned subsidiary of Saxo Bank, has announced the appointments of Jessica Amir and David Harvie as its Market Strategist and Country Head of Direct Sales, strengthening its asset and wealth management capabilities.

​"Saxo's vision is to enable people to fulfill their financial aspirations and make an impact. We have been offering professional traders and investors access to global markets for a number of years now and are looking to extend our focus on wealth and asset management products. Both Jessica and David bring the experience and energy we're looking for to continue to drive our Australian business forward,"Saxo Markets Australia Chief Executive Officer, Adam Smith, said.

6. ASIC Charges ANZ with "Introducer Program" Home Loan Referrals

The Australian Securities and Investments Commission (ASIC) announced today it has sued Australia and New Zealand Banking Group Ltd (ANZ) over breaches of the Credit Act arising from referrals through its home loan "introducer program" and from unlicensed individuals outside the introducer program.

​The financial regulator is seeking declarations, pecuniary penalties and other orders, including for ANZ to engage an independent expert to conduct a review of ANZ's existing home loan customer referral arrangements.

7. FCA Issues Warning Against Clone Firm of HYCM​

The Financial Conduct Authority (FCA) Thursday issued a warning against a clone firm of Henyep Capital Markets (UK) Limited.

FCA warns that all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by them. It strongly advises the public to only deal with financial firms that are authorized, and to check the Financial Services Register to avoid scams and unauthorized firms.