2nd September 2019—
In September 2019, MultiBank Group opened its first branch office in the Philippines, located in the central business district of Manila. The team is led by experienced forex professional Mark Mangulabnan, who will share with us today his insights on the Filipino forex market, and his vision for MultiBank Philippines in the upcoming years.
Q: We're pleased to have Mark join the MultiBank team. First, can you please start by introducing yourself and your background in the industry, and what attracted you to join MultiBank Group?
A: I have personally been trading forex for many years, and most recently, have led a team of Account Managers at another forex brokerage in the Philippines focusing on business development and customer retention. What drew me to MultiBank were several factors, including its reputation in the region as a highly regulated brokerage that is strict in regulatory compliance. This is very important particularly for our regional customers. In addition, MultiBank's first-class management team as well as its superb trading platforms, technologies and products attracted me to join the Group, as we are able to provide customers with the fastest executions with the tightest spreads in the industry.
Q: Can you share with us what the forex market in the Philippines looks like these days. What are traders looking for in forex trading and in a forex brokerage?
A: The forex market in the Philippines is an emerging market that has untapped potential. Working from home has become a major trend in recent years, and the same concept has been applied to trading. This means that people now have the ability to generate income anytime anywhere. What's great about the industry is the fact that you only need a laptop and wifi. What Filipino traders look for in a forex brokerage firm is trading education and strong support especially in deposits and withdrawals.
Q: What do you think are the major obstacles facing the forex market in the Philippines today, and how are you planning on addressing these issues?
A: The biggest challenge is technology. Not many Filipinos are aware of how powerful their handheld devices are. Some investors are more traditional and have little to no experience when it comes to accessing websites or mobile applications. Some areas were affected by scammers (con artists) and this really damaged the reputation of the investment world in the Philippines. Banks often ask for too much documentation and make it almost impossible to make quick transactions. Some banks don't even know how to handle this type of transactions, which in return affects both the deposit and withdrawal step for investors & clients. We addressed this issue by offering local depository service to make it more convenient for clients. We also have been running free forex 101 seminars to foster education so the Filipino people can avoid scammers and understand everything the industry has to offer.
Q: What is your vision for MultiBank Philippines in the upcoming years? What products/ services will you focus on promoting?
A: My vision for MultiBank Philippines is to be the number 1 broker in the Philippines. A broker that symbolizes trust and will last a lifetime. I want to create a sustainable environment which allows MAM accounts and social trading platforms to attract the top traders here in PH. I'm a trader myself so I understand our clients' needs, and know how to position ourselves to my fellow traders in order to create a strong community of traders here in the Philippines.