KUALA LUMPUR, 9 JULY 2024 – In a landmark move poised to reshape the landscape of financial services, Citadel Group and Gambit Group have inked a Memorandum of Understanding (MOU) to collaborate and offer innovative solutions to their respective clients and partners.
The collaboration between these two industry leaders marks a significant step forward in bridging the gap between traditional and digital finance realms. With Citadel Group specializing in fiat currency trustee services and Gambit Group renowned for its expertise in digital currency trustee solutions, the partnership sets the stage for a seamless integration of traditional and digital asset management services.
Gambit Custody, a subsidiary under Gambit Group, licensed in principle under the Securities Commission Malaysia (SC) as the second company of its kind, specializes in safeguarding digital assets such as cryptocurrencies, bitcoin, and ethereum. Meanwhile, Citadel Group, with its track record of five years of excellence since its establishment in 2019, offers Islamic-compliant wealth products and services catering to diverse clients’ needs.
Speaking about the partnership, Dato’ Jeff S. Medina, Citadel Chairman and Group CEO commented, “We are excited to join forces with Gambit Group in this strategic partnership, which will innovate vast options for our clients by not only enhancing our fiat currency trustee services but also offering robust solutions in the realm of digital currency trustee. This collaboration exemplifies our commitment to staying at the forefront of the evolving financial landscape and delivering comprehensive wealth management solutions tailored to our clients’ diverse needs.”
Under the terms of the MOU, Citadel Group’s clients will have the opportunity to appoint Gambit Custody for their digital asset custody needs, while Gambit Reserve Berhad’s clients will benefit from Citadel Group’s expertise in handling fiat currency trustee services for redeemable preference shares (RPS). This collaboration aims to provide clients with a comprehensive suite of wealth management solutions that encompass both traditional and digital assets.
Gambit Group CEO, Datuk Clifford Hii added, “The synergy between Gambit Group and Citadel Group presents a unique opportunity to cater to the evolving needs of our clients in the rapidly changing financial landscape. Together, we are well-positioned to deliver seamless, integrated solutions that drive enduring financial success.”
As Citadel Group celebrates its fifth year of establishment, this partnership with Gambit Group marks a pivotal moment in its journey towards international expansion by 2025, solidifying its position as a leader in the wealth management industry.
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