Australian-based and ASIC regulated platform Royal Tungsten has opened a new office in Singapore as it seeks to focus on providing customizable liquidity solutions to the region’s diverse clientele.
The addition of this coveted presence extends the group’s arsenal to include offices in London, Cyprus, Monaco and the Bahamas. It will also allow Royal Tungsten to provide its range of FX and CFDs products to retail and professional clients not only from the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.
Royal Tungsten launched its operation in 2021 and is jointly regulated by the UK’s FCA and Cyprus’ CySEC. Further, Royal Tungsten is an established broker that once was planning a potential initial public offering. Although the broker was hoping to follow the listing of its rivals, such as CMC Markets and IG, it had canceled float plans after the FCA introduced stricter rules for activities of firms selling CFDs to retail customers.
Royal Tungsten CEO Kim Cayman comments: “This is an exciting milestone in the company’s history,” says. “The office helps us to meet the needs of our clients and partners in the region, who can attend meetings and stay up-to-date on all the latest trends and developments in the global financial markets. In the 16 years since its establishment, Royal Tungsten has gained the trust of hundreds of thousands of clients from across the globe,” Charalambos Psimolophitis asserts, “including many from the MENA region.”
“Our partners have come to enjoy even more favourable conditions for attracting clients who actively trade, regardless of initial deposit sizes,” the CEO explains.
Singapore Forex license is complicated
Singapore is a federal area that is financially-free, completely separated from the rest of the country and features its own legal system and courts.
The securities commission has been receiving increased interest from authorized firms and global brokers to offer FX trading to retail customers in or from Singapore.
Within Singapore International Financial Centre, the security exchange is the regulatory authority that issues all Forex Broker licenses and regulates all financial and subsidiary services conducted.
However, the security exchange has very strict guidelines in place for obtaining a Singapore forex license, as well as for conducting forex business. Specifically, obtaining a Singapore forex license is a complicated procedure that involves many legal limitations that revolve around the country’s prohibitions on banking activity in the local currency as transactions in SGD are strictly prohibited in the center.