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ForexTime off to Shanghai for Money Fair

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EU regulated and global forex broker ForexTime Ltd (FXTM) has given the surest sign yet of the company’s strong growth and ambitious development plans by announcing the company’s participation in the 11th Shanghai International Money Fair, the most renowned personal and corporate financial expo in China. 
 
Recognizing the huge potential of the Chinese market and its own ability to provide unique and tailored value propositions that complement the market’s needs, ForexTime intends to establish a local presence in order to more effectively provide Chinese traders with specialized education and support, accentuating ForexTime’s benefits, which include, as of August 2013, a website available in Mandarin Chinese.
 
Leading the way in the finance world, China is now one of the largest and strongest economies globally, while also standing as the world’s largest trading nation with 12% of all trades globally executed in partnership with the country.

With economic growth exceeding 7.5%, the Chinese Renminbi, or Yuan, is the ninth most traded currency in the world and constitutes 2.2% of trades worldwide.
 
Olga Rybalkina, CEO of ForexTime, said: “It’s hardly surprising that Chinese traders today are on the lookout for alluring new investment opportunities. As China’s economic wealth continues to grow, we are seeing individual Chinese investors increasingly turning to alternative asset classes, such as forex, to manage their personal wealth.This is a large factor behind the increasing popularity of the Shanghai Money Expo as it presents an opportunity for the Chinese to explore the different investment opportunities available to them.”
 
ForexTime was established in 2012 with the mission of delivering innovative solutions that are based on transparency and safety, and with a commitment to providing education and knowledge by providing tools and training to optimize the client experience.

Working with top-tier banks, investing in continuous development and relentlessly striving to meet clients’ needs on a local level, ForexTime has now turned its focus toward China and is planning to make its first steps in the market.
 
“Although it carries its own level of risk, the forex market has proven to be a great alternative to trading on the stock exchange as it offers investment opportunities with low capital entry levels and potential high growth returns that are very appealing to Chinese investors,” said Ms Rybalkina.

“Our plans for the near future include a local presence to support potential clients in China and also to help us better understand the needs and motivations of the Chinese market so that we can then in turn respond to them.

At ForexTime, the client experience is at the centre of everything we do; it’s important to be close to clients in order to get valuable feedback that helps us tailor our offerings to their requirements.
 
For those traders unable to visit ForexTime’s booth at the Shanghai Money Fair, they can be part of the experience online by keeping track of the day’s action via this live streaming link – http://www.forextime.com/why-forex-time/events/shanghai-expo
 
ForexTime’s participation in the Shanghai Money Fair clearly marks its intent of establishing a presence in China; although the first stop is the Chinese market, this is just the beginning of the global journey that the company has embarked on.


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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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