Switzerland’s MIG Bank gets UK licence
Neuchatel, Switzerland based MIG Bank has obtained a banking licence from the UK Financial Services Authority to launch its subsidiary MIG Capital (Europe), offering FX, gold, silver and CFDs.
MIG is targeting growth in the institutional FX markets. Recently it opened a Hong Kong office to support Asian clients. MIG is focused on delivering internet based services that deliver “best interbank market prices”.
It also claims a double layer of security for clients in that it is regulated by both the FSA and the Swiss Financial Market Supervisory Authority (FINMA), which demands an internal audit as part of the supervision of the parent business.
Hisham Mansour, chief executive officer of MIG Group, said the company was focused on expanding its office footprint in key financial centre as well as hiring more staff.