Press Release - Banking License
MIG Investments close to submitting Swiss banking license application

Neuchâtel, Switzerland – July 2008

Swiss FX broker, MIG Investments, is one step closer to fulfilling the criteria set by the Swiss Federal Banking Committee (SFBC), in its bid to apply for a Swiss banking license later this year. The company has so far successfully completed a series of preparatory steps necessary for legal consideration by the committee, which include a raise in share capital requirements and an intensification of management standard criteria.

MIG’s Management Board had already embraced the idea of applying for a banking license as part of the company’s natural growth plan last year. As a result, board members approved a strategic development agenda in the lead-up to the application process, which focused on heavy investment and the building up of various arms in the company stretching from technology and research, to people and processes.
Last year, MIG upped its registered share capital to CHF 10Mio and is prepared to further increase the amount if required by the SFBC in order to meet their requirements. The company is well-grounded both fiscally and structurally to achieve its objectives.

Streamlining Processes
In order to meet SFBC banking requirements, MIG is adapting its work processes and is en route to becoming ISO certified for quality management (ISO 9001) and information technology security (ISO 27001).
MIG Investments has selected KPMG International as its external auditor, and outsourced its internal audit to PricewaterhouseCoopers, two of the largest and most reputable global accounting and audit firms. This underscores the company’s commitment to a high level of integrity and accuracy of financial information and reporting processes.

Core Banking System
MIG is implementing its Core Banking System which will provide a suite of necessary banking applications to accommodate the addition of new financial services soon to be introduced. Operational processes will become better streamlined, and IT related change management will be facilitated through the implementation of Straight to Processing workflows.
Management of client data will be optimized through a central platform with multiple access points, leading to more efficient internal processes and ultimately, quicker and more targeted support for clients.

People power
New board members and managers with strong Swiss banking experience have joined MIG, to bolster the company’s expansion and establish the frameworks for additional financial services to come. The total number of employees has doubled within a year to cover all support related issues, from Client Services and IT, to Legal/Compliance and Sales. The company maintains a strict code of ethics and integrity in professional standards, and has taken steps in its recruitment process to place the right people in the right environment to ensure the continuation of the company vision.
Staff members routinely undergo internal briefings and training targeted to handle specific client requests and informational needs in response to the company’s expanding activities and regulatory changes.

On the commercial front
MIG recently launched its new corporate identity and communication campaign bearing the slogan Confidence is Capital , to provide a more appropriate and up-to-date image of its services and offerings. The decision to rebrand its corporate image was to highlight its current specialization in the FX sector, and help pave the way for the eventual introduction of additional financial services in the near future.