MultiBank Group, one of the largest online financial derivatives providers worldwide, is relocating its headquarters from Hong Kong to Dubai, UAE.
According to a company press release, MultiBank has selected Dubai for its infrastructure, accessibility, and its strategic location as a gateway to other markets in the MEA region. The move comes shortly after it has secured two strategic regulatory licenses from the Securities and Commodities Authority of the United Arab Emirates (SCA) and the Monetary Authority of Singapore (MAS).
The addition of these coveted licenses extends the group’s regulatory arsenal to include companies authorised by ASIC in Australia, BaFin in Germany, FMA in Austria, SCA in the United Arab Emirates, MAS in Singapore and CIMA in the Cayman Islands.
Multibank Founder and Chairman Naser Taher comments: “The Board of Directors had a difficult choice between deciding whether to move to Singapore or Dubai as its new Headquarters. After lengthy deliberations, I am glad to say that they approved unanimously the move to Dubai in view of the positive and encouraging policy of the UAE Government in promoting Dubai as a global major financial centre. We are very proud that MultiBank Group has moved to Dubai with an impeccable record with its global regulators, bringing the world’s largest financial derivatives institution to consolidate its position in the UAE.”
MultiBank Group is closely supervised by over 11 financial regulators across various jurisdictions. The company maintains more than 25 branches spanning five continents worldwide.
MultiBank has also bolstered the protection of its clients’ assets, bringing all client funds under a one-of-a-kind excess loss insurance. The insurance is underwritten by Lloyd’s of London, one of the world’s leading insurance organizations, and is available to all clients at no additional cost.
Per its recent financial results, MultiBank enjoyed a boom in trading volumes with a record turnover of more than $12.1 billion per day.
Although the wave of interest in the meme-stocks phenomenon and cryptocurrencies has receded, MultiBank managed to keep hold of many new clients and benefited from its decision to diversify away from traditional trading products.
MultiBank disclosed a record annual revenue of $189 million in FY 2021, significantly above pre-pandemic levels. This was an impressive 35.4% increase from 2020’s results, marking a record-breaking year for the global giant.
Founded in 2005, MultiBank Group has a current paid-up capital of over $322 million and counts an extensive client-base of over 320,000 customers from across 90 countries.