Broctagon Fintech Group, a multi-asset liquidity provider, announced that the company has secured Labuan Money Broker License. The new license has enabled Broctagon to offer regulated bank-grade FX liquidity to different clients.
According to the press release exclusively shared with Finance Magnates, the company is planning to expand its presence in Asia due to a surge in demand for its services. Additionally, Broctagon highlighted the recent appointment of Cecilia Chan as part of the company’s expansion plan in Asia.
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Earlier this year, Cecilia Chan, Singapore Exchange’s former VP, joined Broctagon Executive Director and Head of FX. The liquidity provider mentioned that it is planning to take advantage of Chan’s experience for the expansion of Broctagon Prime Markets across the region.
“Cultural and physical differences in Asian markets often lead to friction in FX processes. By understanding their needs, we can offer our clients truly bespoke holistic trading solutions. Our unique understanding of both FX and cryptocurrency also allows us to identify opportunities to support brokers in expanding their businesses into other asset classes,” Chan said.
In January 2021, Broctagon Prime announced a partnership with FXCubic to take advantage of the company’s pricing, trading and aggregation tools.
New License
Broctagon has been a part of the Asian FX ecosystem for several years. Through the latest acquisition of the Labuan Money Broking License, the company is planning to offer a tailor-made experience to its clientele. The liquidity provider’s new license has been officially approved by the Labuan International Business and Financial Centre (Labuan IBFC) under its statutory body, Labuan Financial Services Authority (Labuan FSA).
Commenting on the latest announcement, Don Guo, CEO of Broctagon Fintech Group, said: “Covid-19 has changed the international trading landscape, and we see something stirring in Asian trading. The capital markets in the region are becoming increasingly sophisticated, and there is fresh demand for exceptional trading infrastructure to support this evolution, with Labuan playing a growing role as a financial and trading hub.”
In December 2020, Takeprofit Tech collaborated with Broctagon.
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