NASSAU, The Bahamas, August 29, 2017 /PRNewswire/ --
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 Bahamasregulatory 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 entitywhose interests are aligned with theirs. We are delighted to have the expertise of Mr Andrew Rollewho 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 Limitedas 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 authorised by the Securities Commission of The Bahamas. We are pleased that TigerWit has chosen The Bahamas and recognises the advantages and benefits gained under SCB regulations 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.
Notes to Media
TigerWit's cutting-edge mobile and online trading technology allows clients to trade global FX markets, indices, commodities and metals, whilst ensuring exceptional client protection and providing clients access to global interbank liquidity. Founded in 2015 by Summer Xu and Weilong Song, TigerWit has offices in Beijing, Shanghai and Nassau. TigerWit Financial Service Limited is authorised and regulated by the Securities Commission of The Bahamas, licence number SIA-F185.
About the Securities Commission of The Bahamas (SCB)
The Securities Commission of The Bahamas (SCB) is a statutory body and is responsible for the administration of the Securities Industry Act, 2011 (SIA, 2011) and the Investment Funds Act, 2003 (the IFA, 2003), which provides for the supervision and regulation of the activities of investment funds, securities and capital markets. The Commission, having been appointed Inspector of Financial and Corporate Services effective 1 January 2008, is also responsible for administering the Financial and Corporate Service Providers Act, 2000.
The Bahamas Financial Services Board (BFSB), launched in April 1998, 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 center. The BFSB represents and promotes the development of all sectors of the industry, including banking, private banking and trust services, mutual funds, capital markets, investment advisory services, accounting and legal services, insurance, and corporate and shipping registry.