Broctagon acquires Labuan Money Broking License
By Leandra Monteiro
Multi-asset liquidity provider Broctagon FinTech Group announced the approval of its new Labuan Money Broking License. The license enables the liquidity provider to now offer regulated bank-grade FX liquidity to its clientele.
With most large liquidity providers based in the West, Broctagon’s new business in Labuan is strategically positioned to support a growing Asian market. Having been part of the Asian FX ecosystem for close to a decade, the liquidity provider is set to offer its clients a tailor-made experience that directly aligns with their individual objectives.
Underpinning this strategic manoeuvre is the liquidity provider’s enlistment of Cecilia Chan, Singapore Exchange’s former VP, as its Executive Director and Head of FX. As one of the few female leaders within the FX sphere, her experience is expected to expand the liquidity arm of the business, Broctagon Prime Markets Limited, across the region.
Cecilia Chan, Executive Director of Broctagon Prime Markets said, “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.”
Broctagon’s new Money Broking Licence is officially approved by the Labuan International Business and Financial Centre (Labuan IBFC) under its statutory body Labuan Financial Services Authority (Labuan FSA). First provisionally approved in October 2020, the liquidity provider has since fine-tuned its many offerings to further support its diverse clientele.
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.”
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