Exclusive: Singapore FX broker Samtrade gets FCA and ASIC licenses
FNG Exclusive… FNG has learned that Singapore based Retail FX and CFDs broker Samtrade FX is planning a major international push, in two of the world’s leading jurisdictions for FX traders. Within the past several months the company has set up subsidiaries in the UK and Australia – and within the past few weeks has received licenses for each.
In the UK, the company established Samtrade UK International Limited and received an FCA license as of July 15. The company’s license is as an “Appointed representative”, meaning that the firm can act on behalf of another firm (its principal). Samtrade UK’s principal firm will initially be Laven Advisors LLP. The UK company currently lists one director, Mingda Wu, a Chinese national based in the UK who acts as a director for a number of UK companies.
In Australia, Samtrade Pty Ltd received its ASIC AFS license on May 8. Samtrade FX is one of just a handful of retail FX brokers to be issued a license by ASIC in the past three years.
To help support in global growth in several regulated jurisdictions Samtrade FX recently appointed Vic Tham as its Global Chief Risk and Compliance Officer. Mr. Tham has more than 30 years of experience in the field having held positions in risk management at large financial institutions such as Bank of America Merrill Lynch (Asia), Standard Chartered Bank (Hong Kong), Hong Kong Exchanges and Clearing Limited (“HKEX”), DBS Bank, and Morgan Stanley (Asia). Mr. Tam is the former Chief Risk Officer of HKEX.
Managed from Singapore, Samtrade was founded in 2015 by entrepreneur Sam Goh as an offshore FX broker incorporated in Saint Vincent and the Grenadines, a popular spot for offshore FX. Samtrade is also regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).
The company has focused to date mainly on business in Asia, running the MT4 platform. Samtrade has had a specific focus on China, as well as Indonesia, Vietnam, Thailand and Malaysia.
Samtrade FX Founder and CEO Sam Goh noted the following:
“Since incorporation, ensuring trust and confidence in every trade has been central in everything that we do. These added layers of regulation – on top of the existing licences that Samtrade FX already holds, reinforces our commitment toward setting the highest possible standards in corporate governance, trading experience, and client satisfaction. It also enhances SamAide, which offers robust fund security for clients to trade with a peace of mind.”