Tiger Brokers Hires New CEO; FCA Censures LCF

Tiger Brokers Hires New CEO; FCA Censures LCF

Time Stamp: October 11, 2023 5:58 AM
Source Node: 2320687

Tiger Brokers Appoints New
CEO in Singapore

Ian Leong

Tiger
Brokers (Singapore) has announced the appointment of Ian Leong as its new CEO. Leong,
who previously served as the Business Development Director for the retail part
of the company, replaces former CEO Eng Thiam Choon. Leong brings a wealth of
experience from his previous roles in the financial industry, including as CEO
of uSMART Singapore and Head of Dealing at Phillip Securities.

Dong Ming, the
Vice President and Co-Founder of Tiger Brokers Group, expressed his enthusiasm
for Leong’s appointment. “Leong’s strategic vision aligns perfectly with
our commitment to growing our presence in Singapore and expanding throughout
Southeast Asia.”

CFO Henry
Toh also welcomed Leong, highlighting his established track record and
alignment with the company’s long-term goals.

FCA Censures London
Capital & Finance

The
Financial Conduct Authority (FCA ) has censured London Capital & Finance
(LCF) for misleading financial promotions of minibonds. The FCA did not impose
a financial penalty due to LCF’s insolvency. The promotions led to many
investors, some of whom were vulnerable, investing in high-risk products.

“LCF’s
use of financial promotion led to bondholders, many of whom were vulnerable,
investing in unsuitable, high-risk products,” Therese Chambers, the Joint
Executive Director of Enforcement and Market Oversight at the FCA, commented. “We
recognize our censure will not provide solace to those investors who lost out.
But it is important we set out what went wrong at LCF and how their promotions
misled people into parting with their money.”

European Retail Investors
Bearish on UK Equities

Spectrum
Markets has released its SERIX sentiment data for September, revealing a
significant drop in European retail investor sentiment towards the FTSE 100
index. The index fell to 87 points, indicating a bearish outlook. The decline
is attributed to a range of challenging macroeconomic factors affecting the UK,
including Brexit, Covid-19, and an energy crisis.

Michael
Hall, the Head of Distribution at Spectrum, explained that the Bank of
England’s decision to hold interest rates at 5.25% reflects the current market
uncertainty. He also noted that investors are closely watching key economic
data to gauge what might happen next.

Consob Orders Blackout of
Unauthorized Financial Websites

Italy’s
financial regulatory authority, Consob, has ordered the blackout of five new
websites offering financial services without proper authorization. This action
is part of a broader initiative that has seen 950 websites blacked out since
July 2019.

The move
aims to protect consumers from fraudulent financial intermediaries and is based
on powers granted to Consob under the “Growth Decree” law. The
blacked-out websites include “Global News,” Cryptonoid Ltd, “Alphascrypto,” “Afex Market,” and “Tradeontop Limited.”

BlackRock Invests in
German Fintech Upvest

BlackRock
has acquired a minority stake in Berlin-based fintech Upvest, following a 30
million euros funding round. The investment aims to help BlackRock reach
first-time investors in Europe through Upvest’s digital wealth management
platform. The platform allows investors to access a variety of asset classes,
including ETFs, with as little as one euro.

The move is
part of BlackRock’s broader strategy to transform itself into a one-stop-shop
for investors, offering a range of services including tech, data, analytics,
and financial markets advice.

SFC Takes Action Against
IPO Sponsor Failures

Hong Kong’s
Securities and Futures Commission (SFC) has banned Ivan Chan Chuk Cheung, a
former responsible officer of Changjiang Corporate Finance, from the industry
for seven years. The ban results from Chan’s failure to adequately supervise
five listing applications. The SFC emphasized the need for strict adherence to
industry standards and cited Chan’s otherwise clean disciplinary record as a
mitigating factor.

The SFC has
also launched a consultation on market-sounding guidelines, aiming to provide
clarity on regulatory expectations and assist intermediaries in compliance. The
guidelines focus on the governance and internal control procedures to prevent
misuse and leakage of non-public information.

Deutsche Bank Collaborates
with Kodex AI

Deutsche
Bank has invested in Kodex AI, a Berlin-based startup specializing in
AI-powered solutions for the financial industry. The investment follows a
collaboration that began earlier this year as part of Deutsche Bank’s
Entrepreneur in Residence program. Kodex AI’s solution is designed to extract
and analyze data from financial documents and is specifically trained for the
financial industry.

“Kodex
AI developed a solution that addresses the specific needs of a highly regulated
industry and has the potential to significantly enhance the efficiency of how
financial data is being extracted and analyzed,” Gil Perez, Deutsche
Bank’s Chief Innovation Officer, commented.

OKX Hires New Head of Compliance

The crypto
exchange OKX has informed that Neil Grant become its Head of Compliance for the
EMEA region. Previously, he served as the Compliance Officer at Crypto Facilities
and Chief Compliance Officer at B2C2 and Global Prime Partners.

“I’m
happy to share that I’m starting a new position as Head of Compliance EMEA at
OKX,” Grant commented on his LinkedIn profile.

Grant’s professional
career in finance started at CMC Markets, where he served as a Business Analyst
for two years, from 2022.

Tiger Brokers Appoints New
CEO in Singapore

Ian Leong

Tiger
Brokers (Singapore) has announced the appointment of Ian Leong as its new CEO. Leong,
who previously served as the Business Development Director for the retail part
of the company, replaces former CEO Eng Thiam Choon. Leong brings a wealth of
experience from his previous roles in the financial industry, including as CEO
of uSMART Singapore and Head of Dealing at Phillip Securities.

Dong Ming, the
Vice President and Co-Founder of Tiger Brokers Group, expressed his enthusiasm
for Leong’s appointment. “Leong’s strategic vision aligns perfectly with
our commitment to growing our presence in Singapore and expanding throughout
Southeast Asia.”

CFO Henry
Toh also welcomed Leong, highlighting his established track record and
alignment with the company’s long-term goals.

FCA Censures London
Capital & Finance

The
Financial Conduct Authority (FCA ) has censured London Capital & Finance
(LCF) for misleading financial promotions of minibonds. The FCA did not impose
a financial penalty due to LCF’s insolvency. The promotions led to many
investors, some of whom were vulnerable, investing in high-risk products.

“LCF’s
use of financial promotion led to bondholders, many of whom were vulnerable,
investing in unsuitable, high-risk products,” Therese Chambers, the Joint
Executive Director of Enforcement and Market Oversight at the FCA, commented. “We
recognize our censure will not provide solace to those investors who lost out.
But it is important we set out what went wrong at LCF and how their promotions
misled people into parting with their money.”

European Retail Investors
Bearish on UK Equities

Spectrum
Markets has released its SERIX sentiment data for September, revealing a
significant drop in European retail investor sentiment towards the FTSE 100
index. The index fell to 87 points, indicating a bearish outlook. The decline
is attributed to a range of challenging macroeconomic factors affecting the UK,
including Brexit, Covid-19, and an energy crisis.

Michael
Hall, the Head of Distribution at Spectrum, explained that the Bank of
England’s decision to hold interest rates at 5.25% reflects the current market
uncertainty. He also noted that investors are closely watching key economic
data to gauge what might happen next.

Consob Orders Blackout of
Unauthorized Financial Websites

Italy’s
financial regulatory authority, Consob, has ordered the blackout of five new
websites offering financial services without proper authorization. This action
is part of a broader initiative that has seen 950 websites blacked out since
July 2019.

The move
aims to protect consumers from fraudulent financial intermediaries and is based
on powers granted to Consob under the “Growth Decree” law. The
blacked-out websites include “Global News,” Cryptonoid Ltd, “Alphascrypto,” “Afex Market,” and “Tradeontop Limited.”

BlackRock Invests in
German Fintech Upvest

BlackRock
has acquired a minority stake in Berlin-based fintech Upvest, following a 30
million euros funding round. The investment aims to help BlackRock reach
first-time investors in Europe through Upvest’s digital wealth management
platform. The platform allows investors to access a variety of asset classes,
including ETFs, with as little as one euro.

The move is
part of BlackRock’s broader strategy to transform itself into a one-stop-shop
for investors, offering a range of services including tech, data, analytics,
and financial markets advice.

SFC Takes Action Against
IPO Sponsor Failures

Hong Kong’s
Securities and Futures Commission (SFC) has banned Ivan Chan Chuk Cheung, a
former responsible officer of Changjiang Corporate Finance, from the industry
for seven years. The ban results from Chan’s failure to adequately supervise
five listing applications. The SFC emphasized the need for strict adherence to
industry standards and cited Chan’s otherwise clean disciplinary record as a
mitigating factor.

The SFC has
also launched a consultation on market-sounding guidelines, aiming to provide
clarity on regulatory expectations and assist intermediaries in compliance. The
guidelines focus on the governance and internal control procedures to prevent
misuse and leakage of non-public information.

Deutsche Bank Collaborates
with Kodex AI

Deutsche
Bank has invested in Kodex AI, a Berlin-based startup specializing in
AI-powered solutions for the financial industry. The investment follows a
collaboration that began earlier this year as part of Deutsche Bank’s
Entrepreneur in Residence program. Kodex AI’s solution is designed to extract
and analyze data from financial documents and is specifically trained for the
financial industry.

“Kodex
AI developed a solution that addresses the specific needs of a highly regulated
industry and has the potential to significantly enhance the efficiency of how
financial data is being extracted and analyzed,” Gil Perez, Deutsche
Bank’s Chief Innovation Officer, commented.

OKX Hires New Head of Compliance

The crypto
exchange OKX has informed that Neil Grant become its Head of Compliance for the
EMEA region. Previously, he served as the Compliance Officer at Crypto Facilities
and Chief Compliance Officer at B2C2 and Global Prime Partners.

“I’m
happy to share that I’m starting a new position as Head of Compliance EMEA at
OKX,” Grant commented on his LinkedIn profile.

Grant’s professional
career in finance started at CMC Markets, where he served as a Business Analyst
for two years, from 2022.

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