Reason for this visit

The mature, open, and stable foreign exchange market in Singapore plays a significant role in Asia, boasting a large scale and massive daily trading volumes. As one of the major financial centers in Asia, Singapore enjoys a highly active forex market, attracting investors and traders worldwide. In terms of regulation, the Singapore forex market operates within a well-regarded regulatory environment overseen by the Monetary Authority of Singapore (MAS). Forex brokers in Singapore must adhere to strict regulatory requirements, including adequate capital, segregated client fund, transparent operation, reporting obligations, and more. Singapore's forex market is home to numerous forex brokers of varying types and sizes, encompassing both traditional and online forex brokers. Driven by robust regulation and technological innovation, the Singapore forex market holds promising development prospects. With the acceleration of digitization and internationalization, the Singapore forex market is poised to remain a key center for forex trading in Asia and globally. In an attempt to help investors better understand the current forex brokers in Singapore, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Singapore to visit forex broker MultiBank Group as planned according to its regulatory address that 3 Church Street, 13-03B Samsung Hub, 049483.

The investigators came to 3 Church Street in Singapore for a visit to the brokers office, and located Samsung Hub, a 30-storey office building, with close proximity to Prudential Tower. Boasting a fabulous location, the skyscraper is easily accessible via public transportation and is within a 10-minute distance from the Raffles Place MRT.

Upon arrival at the tower for further investigation, the survey personnel spotted a gorgeous lobby without a floor directory. And people were allowed to go upstairs freely without an access card. They took the elevator to the 13th floor where a directory was easily found. The directory displayed that suite 1303 was occupied by “MEX Global Financial Services LLC” rather than MultiBank Group. Moreover, by searching the internet the inspection team saw that the former was one of the subsidiaries of the latter.

Through the on-site investigation, it is confirmed that MultiBank Group has a physical presence at the place.

Conclusion

The survey team went to Singapore to visit forex broker MultiBank Group as scheduled, and found the company at its regulatory address. This denotes that it has a physical business office at the location. Meanwhile, investors are advised to make a sensible decision following a comprehensive consideration.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.