Recently established retail FX brokerage HiwayFX has received its CIF license number 328204Â from Cyprus’ financial services regulatory authority CySec, joining the over 170 retail forex companies with presence on the island which retains its status as a hub for the retail sector.
Although opting for CySec regulation in order to be able to offer its clients full regulatory oversight by a European authority and therefore accrue clients from mainland Europe and the United Kingdom, HiwayFX’s website demonstrates that the company is firmly aiming its services at the Asia Pacific region, and specifically the emerging market of Indonesia and Malaysia.
Having enlisted the services of Cyprus based professional services consultants P. Constantinou & Co, the firm has listed under the corporate name of Lucro Capital Ltd in Cyprus with two key personnel responsible for meeting the regulatory requirements.
As well as an English language website which is intended to attract clients from Britain, Nigeria and South Africa, the company provides service in Indonesian, Malaysian, as well as Russian and Spanish for its Mexican client base.
A point of interest is that many retail FX firms looking toward tapping into new yet promising markets are opting for regulation in a Western jurisdiction and considering exactly the regions listed on HiwayFX’s site as potentially lucrative target audiences.
With the onset of China’s progression toward competing in global financial markets, ranging from its cooperation with Russian authorities on yuan and ruble liquidity, a very unusual step for a nation that does not have a free market economy, as well as its foray into the Interbank market, down to retail FX firms from China setting up offices in Cyprus, as demonstrated yesterday by FXPRC having been granted a CIF license by CySec in order to compete for global market share, it may be that new, emerging markets with a young and willing investing population such as Malaysia and Indonesia could be the next big focus for retail firms.
For a full list of CySec regulated brokers, click here.