Titan FX Celebrating 10 Years

July 3, 2024 4:04 am | Posted in Business News | Share now TwitterFacebook

By Martin St-Hilaire.

This month Titan FX is proud to be celebrating 10 years of success in the global online trading industry, and five years of being headquartered in Vanuatu.

During this time, we have seen the expansion of our business and local workforce and, in line with our values, been actively involved in the community across many levels. We also hope to give a good example of the key role knowledge industries can play in growing the economy and unlocking more prosperity.

Personally, I was introduced to Titan FX by a founding shareholder during a visit to Vanuatu as he embarked on a global tour of countries where regulatory licensing regimes are conducive for brokers offering financial derivatives. Vanuatu’s regime ticked that box along with the Cayman Islands, Mauritius, Seychelles, British Virgin Islands and others.

During that visit the shareholder also saw Vanuatu’s potential and agreed to set-up a significant office and create local jobs – more than just the typical offshore international company with a post box address. Our industry itself was (and still is) a perfect fit for Vanuatu, being rapidly growing globally and 100% digital. Clients can sign up from anywhere thanks to our quality internet connectivity, our conducive regulatory licensing regimes, and our local talent for hire.

It turned out to be a very good bet, not just for Titan FX but for the country as a whole, with other brokers following suit.

From Lolam House to Law House

Today, we’ve grown into a team of 27 in Vanuatu and 120 more overseas, serving a global clientele of more than 50,000 customers who use our online platforms to trade a wide array of financial assets, from currency exchange contracts to corporate stocks.

Since we upgraded the third floor at Lolam house three years ago, our head office looks like we can compete with fintech companies anywhere in the world. And we do.

Last year we extended our physical footprint with the opening of Titan Mansion, an ambitious, upscale hospitality project sitting on the Sunset Mile of Port Vila, with three apartments, four terraces, a gym, a pool, a private beach and a jetty facing Iririki Island.

Titan Mansion is a testament to our commitment to helping Vanuatu develop in line with tradition. When we purchased the original building, Law House, where Georges Vasaris had its home and office, we decided to keep its architecture as it has a unique feel to it. Canadian architects and Australian designers were involved at the beginning, then we hired Vancorp Vanuatu as the builder, and Mainguy as the engineer, who adhered to the highest standards of quality work. The local economic benefits were many.

Nurturing aspirations among our youth

Skilled white-collar workers are still a scarce resource in Vanuatu, and traditionally they have been gobbled up by government or forced to find work abroad. They now have the option to help create wealth for their country by seizing exciting career opportunities in the private sector.

Titan FX follows global best practices when it comes to looking after our team. Our people take part in a great culture that promotes respect, collaboration, creativity and striving for excellence, in a cosy work environment at the heart of the capital.

Let’s not forget our remote worker in Maewo. By establishing a remote worker in that remote community, Titan FX has opened new avenues for local talent and created a ripple effect of socio-economic benefits thanks to the decentralized nature of fintech. What’s true for Vanuatu taking its place in the world is true for Maewo taking its place in Vanuatu: all it takes is internet connectivity and properly trained workers.

We have recognized the potential of young Ni-Van and hope to see Vanuatu’s knowledge based industries develop further, not just in finance and accounting, providing new opportunities at home, where all one needs to succeed is an education and an internet connection.

Giving back to the community

While many in Vanuatu may not know much about trading, we’ve become a household name thanks to our extensive community outreach initiatives.

Over the years we’ve provided financing to a variety of school libraries and medical facilities; the lagoon water quality monitoring project Coastalwater.vu; the street lightning project Light Up Manples; tree planting and beach clean-ups; self-defence training sessions; business training workshops; grants for start-ups; and many other projects in health and well-being, education and childhood, civic life and society.

We’re thrilled to see our logo on everything from the Volleyball and Basketball federations to annual events like the Pacific Trail or the Survivor Games in support of Pro Rescue. We’re proud to have become part and parcel of this community.

This is only the beginning.

For years I have heard the same story about Vanuatu’s economy: we’re too small and remote, we can’t develop any meaningful export industry so we should focus solely and exclusively on tourism, small-scale agriculture, and a bit of handicraft.

These industries are indeed important for Vanuatu, and we must support them, but we also need to diversify to other sectors if we want to foster the kind of growth that allows for prosperity and self-sufficiency. To import the crucial goods that we can’t make here, from energy and vehicles to computers and medical devices, we need to export more services to the world.

The idea that Vanuatu should be only about tourism and related activities has long been entrenched in many quarters, from foreign donors and NGOs to politicians and people in my own circle. By now, it’s safe to say that Titan FX has proved them all wrong.

Not only have we grown our own business successfully, but we’ve paved the way for the Finance Centre of Vanuatu to grow way beyond its original basket of professional services. More than 70 other financial brokers have opened a branch in Vanuatu in the past three years, contributing to public coffers through licencing fees, hiring local workers and suppliers and renting business premises.

I should also give credit to our government officials and legislators who, between 2016 and 2021, have managed to achieve an extensive overhaul of our regulatory regime, putting it on par with global standards for compliance. Thanks to their vision and effort, Vanuatu is more open for business than ever.

May many more businesses like Titan FX flourish on our shores, and may our youth start dreaming of local careers as knowledge workers and finding the motivation to pursue higher education. Their knowledge and their creativity will ultimately be the keys that unlock prosperity in Vanuatu for generations to come.

Mr. Martin St-Hilaire is the Managing Director of Titan FX.