MIG Investments has become the first of the once-unregulated Swiss FX trading platforms to obtain its banking licence. Switzerland has taken real steps to clean up once-shady retail and ruled on April 1 that companies would require a banking licence. Naturally MIG Bank, as it is now known, is delighted to have been granted its licence, especially as a spokesman for the Swiss Financial Market Supervisory Authority says that he does not anticipate any more grants of approval in the near future.
“We anticipated Finma’s requirements and have been preparing for this change in status for nearly two years. Obtaining the banking licence is a major phase in our planned development. It will allow us, in particular, to diversify our activities by providing brokerage services in precious metals and offer other added value services as well,” says Hisham Mansour, MIG’s chief executive.