Brokerage executive Niki Saki announced on Monday that she has launched a new division for MultiBank called MEX Orient.
The new division appears to be something like an IB or affiliate of MultiBank, with the aim of attracting institutional business to the brand.
It’s plausible that the goal is to create a new sub brand to do business in markets which pose some regulatory challenges or where MultiBank cannot easily have a direct presence.
In a post on LinkedIn, Saki noted that the new entity is looking to attract IBs and other partners who can bring in $8m to $10m in deposits annually.
That includes people who have existing relationships with any local educators, IBs, or institutional partners, like banks and hedge funds.
MultiBank currently has its main base of operations in Dubai, where Saki is also based.
The brokerage group has a sprawling set of entities, including an FX-focused broker, a multi-asset broker, an institutional offering, and a crypto exchange.