News Nuggets | 17 August: Fortex Integrates with Haame CRM; Colt Partners with AsiaNext

<p>Colt Partners with
AsiaNext</p><p>Colt
Technology Services has teamed up with AsiaNext, announcing a strategic
partnership that brings enhanced digital infrastructure solutions to the world
of high-frequency crypto trading. This alliance aims to <a href="https://www.financemagnates.com/terms/b/bridge/">bridge</a> the gap between
mainstream finance and secure digital asset trading by using Colt's innovative
Multicast Market Data in the Cloud and PrizmNet solutions.</p><p>"It's
an incredibly exciting time for Asia, as regulatory clarity helps it become a
global hub for the crypto ecosystem, and we're very proud to be named one of
the first digital infrastructure partners for AsiaNext," Russell Toop, the
Team Lead of Capital Markets Asia at <a href="https://www.financemagnates.com/tag/colt/" target="_blank" rel="follow">Colt</a>, commented.</p><p>CME Group to Launch New
APAC Reference Rates for Digital Assets</p><p>In
collaboration with CF Benchmarks, <a href="https://www.financemagnates.com/tag/cme/" target="_blank" rel="follow">CME Group</a> is set to introduce two
APAC-specific reference rates for bitcoin and ether. These reference rates will
provide a daily rate for the U.S. dollar value of these digital assets. </p><p>The
introduction of these APAC rates highlights the growing importance of the APAC
region in global cryptocurrency trading. The new rates are complementary to the
existing ones, serving different time zones.</p><p>Fortex and Haame CRM
Announce Platform Integration</p><p><a href="https://www.financemagnates.com/tag/fortex/" target="_blank" rel="follow">Fortex </a>has
integrated its flagship XForce ECN <a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a> with Haame CRM, a top-tier
CRM solution from Hong Kong. This collaboration aims to enhance the trading
experience by leveraging the capabilities of both platforms. Both Fortex and
Haame have emphasized the importance of user experience and technological
advancement in this integration initiative.</p><p>"Headquartered
in Hong Kong, Haame is a leader in the development of financial technology
innovations and digital services," the press release stated. "They
are dedicated to serving institutional clients such as brokers and asset
managers with professional financial CRM management systems. Haame systems are
built around a core rule calculation engine, enabling rapid customization of
business revenue sharing structures for broker clients."</p><p>Helio Lending Faces Legal
Repercussions over False Licensing Claims</p><p>Melbourne-based
cryptocurrency lender, Helio Lending Pty Ltd (Helio), was penalized with a
non-conviction bond after misrepresenting its licensing status. In a 2019 news
article, the company falsely claimed that it possessed an Australian credit license,
which it did not hold. </p><p>Having
offered crypto-backed loans to consumers, this misrepresentation led to
misleading consumers about the legal protection they were entitled to. Helio
pleaded guilty, which influenced the sentence, while another related charge was
withdrawn.</p><p>Federal Court Rules on
ASIC's Case against CBA and Colonial</p><p>The Full
Federal Court dismissed the <a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC's</a> appeal against a prior ruling, which had
dismissed ASIC's case against the Commonwealth Bank of Australia (CBA) and
Colonial First State Investments Limited for alleged conflicted remuneration
law violations. </p><p>ASIC had
accused the CBA and its subsidiary, Colonial, of breaching remuneration laws
when they struck a deal for CBA to distribute Colonial's Essential Super
product. Though the appeal was rejected, the Full Court clarified the meaning
of conflicted remuneration provisions for future instances.</p><p>BaFin Investigates
Unauthorized Financial Services Platforms</p><p><a href="https://www.financemagnates.com/tag/bafin/" target="_blank" rel="follow">BaFin</a>, the
German financial regulator, issued warnings regarding First Invest Capital and
CorsairControl Investment. Both companies are allegedly offering financial
services in Germany without the necessary BaFin license. </p><p>Interested
parties are advised to verify a company's licensing status using BaFin's
company database before engaging in any financial activities.</p><p>FINRA Fines Instinet</p><p>FINRA has
settled with Instinet, LLC over alleged reporting inaccuracies and supervisory
failure violations. Without admitting or denying the allegations, Instinet has
agreed to a censure, a fine of $3,800,000, and retaining an independent
consultant for compliance oversight.</p><p>"From
the start of its Consolidated Audit Trail (CAT) reporting obligation on June
22, 2020, through the present, Instinet failed to timely and accurately repo
data for tens of billions of order events to the CAT Central Repository in
violation of FINRA Rules 6830, 6893, 2010. lnstinet also failed to establish
and maintain a supervisory system, including written supervisory procedures,
reasonably designed to achieve compliance with CAT reporting rules in violation
of FINRA Rules 3110 and 2010," <a href="https://www.financemagnates.com/tag/finra/" target="_blank" rel="follow">FINRA </a>commented in the statement.</p><p>ZetaChain Secures $27m in
Latest Funding Round</p><p>The blockchain
company, ZetaChain, successfully closed a $27 million <a href="https://www.financemagnates.com/tag/funding/" target="_blank" rel="follow">funding round</a> with
contributions from renowned participants. Launched in 2021, ZetaChain's mission
is to bring universal interoperability to the crypto world, and this funding
round will likely bolster its efforts in achieving this goal.</p><p>"ZetaChain's
purpose is to simplify managing assets and data across multiple blockchains,
which remains a complicated and fragmented process that's hindering hundreds of
millions of new users joining the web3 ecosystem," Ankur Nandwani, the
Core Contributor at ZetaChain, commented. "Our EVM-compatible cross-chain
smart contracts alleviate these issues by allowing decentralized app developers
to build services that are faster, more secure, and easy to use."</p><p>Currencycloud Witnesses
Rapid Growth in Australia</p><p>After
receiving its Australian Financial Services license in 2022, <a href="https://www.financemagnates.com/tag/currencycloud/" target="_blank" rel="follow">Currencycloud</a>, a
multi-currency business solutions provider, reported an increase of nearly 70% in
its customer base. With the fintech industry in Australia booming,
Currencycloud aims to further diversify its clientele, targeting sectors like
regulated derivative brokerages, PSPs, and wealthtech firms.</p><p>"Australia’s
Fintech scene has seen remarkable growth in recent years. The Federal
Government’s Trade and Investment Commission (Austrade) recognizes this
potential and has positioned Australian Fintech as one of the fastest-growing
markets in the world, on the back of Australia’s $10 trillion financial
services industry,” Nick Briscoe, the Country Manager of Currencycloud Australia,
commented.</p>

This article was written by Finance Magnates Staff at www.financemagnates.com.