The brokerage has plans to add more licenses in the near future.
TMGM, a Sydney-headquartered forex and contracts for differences (CFDs) broker, announced on Thursday that it has received a new regulator license from New Zealand’s Financial Markets Authority (FMA).
In the press release shared with Finance Magnates, the broker detailed that its new license has been added as a part of its global expansion endeavour. It will allow the broker to offer regulated forex and CFDs trading services to traders based in New Zealand.
Major Expansion Plans Ahead
TMGM operates in Australia with its Australian Financial Services (AFS) license and is already a big name in that market. So, the expansion to the neighbouring country can be seen as a natural extension.
“This is a key milestone for TMGM,” TMGM’s Chief Marketing Officer, Angelo D’Alessio, said on the development. “Expanding our global reach has been an important focus for us.”
TMGM has been vocal about its international expansion plans since late 2020. Apart from the Australian and New Zealand license, the broker is authorized and regulated by the Vanuatu Financial Services Commission (VFSC), under which it onboards most of its global clients.
Formerly known as TradeMax, the brokerage rebranded itself as TMGM, the acronym for TradeMax Global Markets, to better position itself as a global broker. Lee Yu, Chief Executive Officer at TMGM, has additional plans to acquire more licenses in the future to further enhance its global expansion.
Meanwhile, the broker is focused on making its brand stronger with sports sponsorship and inked a multi-year deal last year to sponsor the Australian Open.
“Since the success of the Australian Open sponsorship, widening our reach was a natural step for us in this journey. Securing the FMA license further solidifies our commitment to expanding our offering for New Zealand clients,” D’Alessio added.