On 28th September 2011, MultiBank Group's Chinese subsidiary signed a historical agreement with the Chinese Tianjin Municipal People's Government Financial Affairs Office.
The Agreement was signed in order for the Tianjin Municipal People's Government to collaborate and support MultiBank Group to establish and operate an Electronic Communication Network ("ECN") Foreign Exchange ("Forex") Exchange that would enable banks, financial institutions and investors to participate in the International Forex Market.
The establishment of this ECN Forex Exchange was exclusively approved by the relevant governmental authorities of the Tianjin Municipal People's Government, and this project was soon after named the MultiBank Project. The MultiBank JVC business scope is to implement and carry out the development, management and administration of the MultiBank as the first Forex Exchange of its type in the BRICS countries in general and China in particular, for international interbank Forex trading. Participants in the MultiBank Project shall include large banks, central banks, institutional investors, currency investors, financial speculators, corporations, governments and other financial institutions spread worldwide. In relation to the establishment of the MultiBank Project, Mr. Zak Taher, CEO of MultiBank Group Financial Services (Tianjin) Corporation, stated, "We have been spearheading trading systems in Asia since 2001. With this first of its kind enterprise, being a Joint Venture fully supported by the Tianjin Government, we have established a first of its kind Financial Electronic Communication Network ("ECN") in China to enable Banks and Financial Institutions to trade on the International Forex Market, utilizing state of the art technology, in accordance with Chinese Governing Law".
In preparation for the MultiBank Project, MultiBank Group has hired additional staff of 100 people in China over the past 6-9 months, and plan to expand its staff by a further 150 in the upcoming 6 months. It has already established and currently operates up-to-the-minute technology in its ECN Platform and Exchange for the International Forex Market, which is built on an advanced infrastructure of secured executions servers, public network system, serving banks, institutional clients, retail clients, and invested professionals.
MultiBank Group expects the MultiBank JVC to be in operation in late 2014.
MultiBank Group is one of the world's leading providers of financial products, brokerage services and advanced trading technologies.MultiBank Group is headquartered in Hong Kong and in February 2013 increased its paid up capital by US $322 million, making it one of the largest Foreign Exchange Traders in the world.Our advanced trading platforms execute trades worth over US $5.7 billion per day. In 2014 our nominal turnover exceeded US$ 800 billion, 60% of which is driven by Banks and Institutional Clients. We operate in over 90 countries servicing more than 270,000 Clients and our Group of Companies are regulated on 4 continents around the world.