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FIBO Group Launches Business in Singapore

From the start of February 2014, Cyprus-based Forex broker FIBO Group will be operating from Singapore, in a move that adds momentum to the company's global expansion. The broker has a new office, located on the 20th floor of one of the towers of Raffles Place. This will not be a meager communications center for FIBO, as the office will employ staff that will provide the broker's services to local clients. 

 
The company has not elaborated on the details of the corporate status of the new branch – that is, we don't know whether the company will be obtaining license from the Monetary Authority of Singapore (MAS). The latter, as some of you may know, is an organization that oversees all financial services companies on the island, ranging from banks to Forex brokers.
 
For that matter it is worth noting that the Forex market in Singapore has been steadily growing over the past year – OANDA, for example – one of the brokers with longest presence in the country, saw its trading volumes triple after three years of operations there. Other leading brokers in Singapore include Forex.com and Saxo Bank. For a full list of FX brokers with operations on the island, click here.
 
FIBO will be now competing for a share of a booming market –  the average daily Forex volumes in Singapore vary from $260 billion to $300 billion. It's not a random coincidence that Singapore competes with Hong Kong and Sidney for the title of Asia Pacific's financial center. This said, we should note that in October 2013 FIBO announced the launch of a separate Australian business which has an Australian Financial Services (AFS) license from the Australian Securities and Investments Commission (ASIC). The opening of a branch in Singapore reinforces the foothold of the company in Asia.
 
FIBO has been actively opening new offices lately: in December 2013 it launched operations in Germany's Munich while in January 2014 a new office was set up in Chile's Santiago.
 
 

About FIBO Group

 
The International Financial Holding FIBO Group comprises a group of companies whose main business area is margin trading in financial instruments. Clients can benefit from a number of investment products, including Spot Forex, Futures/Options, CFDs and Spot Gold. The brokerage is headquartered in Limassol, Cyprus, and is therefore regulated by CySec – the Cyprus Securities and Exchange Commission. FIBO also has offices in Australia, Chile and Germany.
TAGS: fibo group  fibo group forex broker  singapore office  singapore forex  fibo group branch  forex market  raffles place  singapore forex broker 

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