Reason for this visit

The mature, open, and stable foreign exchange market in Singapore plays a significant role in Asia, boasting a large scale and massive daily trading volumes. As one of the major financial centers in Asia, Singapore enjoys a highly active forex market, attracting investors and traders worldwide. In terms of regulation, the Singapore forex market operates within a well-regarded regulatory environment overseen by the Monetary Authority of Singapore (MAS). Forex brokers in Singapore must adhere to strict regulatory requirements, including adequate capital, segregated client fund, transparent operation, reporting obligations, and more. Singapore's forex market is home to numerous forex brokers of varying types and sizes, encompassing both traditional and online forex brokers. Driven by robust regulation and technological innovation, the Singapore forex market holds promising development prospects. With the acceleration of digitization and internationalization, the Singapore forex market is poised to remain a key center for forex trading in Asia and globally. In an attempt to help investors better understand the current forex brokers in Singapore, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Singapore to visit forex broker Phillip Nova as planned according to its regulatory address that 250 North Bridge Road #06-00 Raffles City Tower 179101.

On November 10, 2023, the investigators came to Raffles City Tower, a prime landmark within the Civil and Cultural district and one of the largest integrated developments in Singapore, at 250 North Bridge Road. Boasting a fabulous location accessible easily via public transports, it comprises the 42-storey Raffles City Tower, 5-storey Raffles City Shopping Centre, Raffles City Convention Centre, the 73-storey Swissôtel The Stamford Singapore and the 28-storey twin-towers Fairmont Singapore.

Upon arrival at the tower for further investigation, the survey personnel spotted a digital directory in the lobby, which displayed that office 06-00 is occupied by PhillipCapital & Phillip Securities, and office 07-01 is occupied by Phillip Nova.

And then the survey team proceeded to the 6th floor by the elevator, and discovered the office of Phillip Nova with its company name and logo displayed inside and outside the room. In the meantime, the entire floor was occupied by PhillipCapital and the related group companies.

Through the on-site investigation, it is confirmed that Phillip Nova has a physical presence at the place.

Conclusion

The survey team went to Singapore to visit forex broker Phillip Nova as scheduled, and found the name of the company at its regulatory address. This suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible decision following an overall consideration.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.