News Nuggets | 28 August: ASIC Suspends AFS License; FCA Warns against 5 Fraudulent Firms

<p>ASIC Suspends Navigate
Global Payments' AFS License</p><p>The
Australian Securities and Investments Commission (<a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC</a>) has suspended Navigate
Global Payments' Australian financial services license until 18 October. The
suspension comes after Navigate was
placed into voluntary administration in June 2023. ASIC has advised Navigate's
clients to stay updated on the situation through the administrator, receivers,
and managers. Navigate can appeal ASIC's decision through the Administrative Appeals
Tribunal.</p><p>FCA's New Warnings</p><p>The
Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has recently issued warnings against several
firms operating without proper authorization. The list includes GOLDTREASUREFX,
MYBANKRATE.ONLINE, FIRST OPTION FX LTD, Insolvency Practitioners 4 U, and Angel
Finance. These firms are not registered or authorized by the
FCA, which raises concerns about their legitimacy and the safety of their
investments.</p><p>The
warnings were all published on 28 August. The FCA strongly advises the public
to be cautious when dealing with these firms and to check the FCA's official
website for a list of authorized companies. The move is part of the FCA's
ongoing efforts to protect consumers from fraudulent activities and unregulated
financial services.</p><p>Coinstore Hits Two Milestones
in User Base and Transaction Volume</p><p>The Singapore-based
digital asset exchange, Coinstore has announced a significant achievement,
crossing the 3.6 million user mark. The company also reported an all-time high
in daily transaction volume, reaching $450 million. </p><p>"We
started Coinstore in December 2020 when awareness around digital assets was
limited but we are excited to reveal that Coinstore transformed into a global
force with over 3.6 million users who share our vision for the industry," Jennifer
Lu, the Co-Founder at Coinstore, commented. "By 2025, our ultimate
ambition is to cement our status as the primary entry point for digital assets,
catering to millions of users worldwide, and becoming the premier global
platform in emerging markets."</p><p>Cake Group Completes Its Executive Team</p><p>Cake Group,
a digital asset innovator based in Singapore, has finalized its C-suite with
the appointment of a new Chief Marketing Officer (CMO) and promotions to Chief
Product Officer (CPO) and Chief Human Resources Officer (CHRO). </p><p>As an industry veteran, Samuel Christian has been named the new CMO and will focus on
scaling Cake's products and services in the Web3 blockchain and crypto space.
Christian's past experience includes roles at Animoca Brands and IPG's group of
agencies, making him well-suited for Cake's ambitious growth plans.</p><p>Visa and NymCard Partner
for Seamless Payment Issuance</p><p><a href="https://www.financemagnates.com/tag/visa/" target="_blank" rel="follow">Visa </a>has
launched its Visa Ready To Launch (VRTL) program to simplify the issuance of
payment products for fintech and non-banking entities. NymCard, a payment
processor in the Middle East and Pakistan, is the first to join the program. </p><p>The VRTL
program addresses technological, operational, and commercial enablement challenges by offering a 'One Contract', 'One Pricing', and 'One Integration'
approach, making it easier for startups to go to market.</p><p>IMPACT46 Begins Capital
Deployment through Fund III</p><p>Saudi
Arabia-based asset management firm IMPACT46 has started deploying capital
through its SAR 500 million Fund III. The fund aims to invest in tech companies
in Saudi Arabia and the broader Middle East, focusing on fintech, SaaS,
platforms, and cybersecurity. </p><p>Abdulaziz
Alomran, the CEO and Founder of IMPACT46, highlighted the strong investor
interest in supporting emerging talent and innovation in the region.</p><p>"We
are driven by our vision to make a positive impact by identifying, connecting,
and investing in founders and startups who are passionate towards making a
meaningful impact in the sectors they operate in," Alomran added.</p>

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