LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
We’re not sure if this is the beginning of a new trend. Frankly, we doubt it, although we know that there are certain “advisers” out there encouraging unlicensed Retail FX and CFD brokers to build their credibility by “getting regulated” in exotic locales, when setting up a proper subsidiary in the UK or Cyprus is still too expensive a proposition.
But in any event, Chinese based Retail Forex broker TigerWit has announced that it has set up a new subsidiary in Nassau which is now authorized and regulated by the Securities Commission of The Bahamas (SCB).
TigerWit has been focused mainly on the domestic Chinese retail FX and CFD market, since being founded in 2015 by entrepreneurs Summer Xu and Weilong Song. However it looks like the company wants to start building its international client base, as well as be able to tell its Chinese clients that it is a “regulated” broker.
The full press release issued by TigerWit reads as follows:
TigerWit Secures Financial Services Licence from Securities Commission of The Bahamas
29 August 2017, Nassau, The Bahamas. TigerWit Group, the financial technology company, has announced its subsidiary, TigerWit Financial Services Limited, is now authorised and regulated by the Securities Commission of The Bahamas (SCB). The Broker-Dealer licence granted to TigerWit gives the company permission to deal as agent and principle, arrange and advise in securities including CFDs in Forex, indices, commodities and metals to retail and wholesale clients on a global basis under the Bahamas’ legislative and regulatory framework.
Establishment of TigerWit’s broker and financial services headquarters in The Bahamas and gaining the Broker-Dealer licence means that TigerWit Financial Services Limited can now conduct its business from a globally recognised jurisdiction under the oversight of a highly regarded regulator with its clients enjoying the protections that the SCB provides through its rule and regulations. Significantly, this includes segregation and ring-fencing of client funds, and substantial capital adequacy requirements.
Founded in 2015, TigerWit’s focus on financial technology has led it to establish a large client base across Asia. With the Broker-Dealer licence the Group is positioning itself to develop its financial services offering on a global scale, and is looking to expand its footprint by opening offices in key jurisdictions.
As part of its SCB Broker-Dealer licence, the Group has appointed Mr Andrew Rolle as a Chief Executive Officer of TigerWit Financial Services Limited. Mr Rolle is a corporate attorney and chartered alternative investment analyst who has more than ten years of experience of providing legal and bespoke services to clients including broker-dealers, fund managers, fund administrators and family offices.
Summer Xu, CEO of TigerWit Group says:
“Receiving the Securities Commission of The Bahamas regulatory licence is a very important milestone for TigerWit Group and our clients. At TigerWit we aim to provide our clients with not only the best online and mobile trading service, but the appropriate protections so that they can be safe in the knowledge they are dealing with a well-regulated entity whose interests are aligned with theirs. We are delighted to have the expertise of Mr Andrew Rolle who will ably ensure that we fulfil our obligations as a regulated broker.”
Ms Tanya McCartney, CEO of Bahamas Financial Services Board (BFSB):
“We welcome TigerWit Financial Services Limited as a newly licenced entity in The Bahamas and as the newest member of the BFSB. TigerWit joins a growing list globally-operating financial services firms that are regulated by the Securities Commission of The Bahamas. The BFSB represents an innovative commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international financial centre. We are pleased that TigerWit has chosen The Bahamas and recognises the advantages and benefits gained under The Bahamas’ regulatory environment as a base to grow their global brokerage.”
TigerWit attributes its success to date to its unique and highly innovative mobile trading offering. Its focus on technology is what it believes sets the Group apart from the competition and by continuing to enrich the trading experience it expects to grow its market share further.