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DAG Global, a digital asset merchant bank, just hired a banking veteran to strengthen its leadership team.
DAG Global announced in a press release shared with Finextra that it just hired Tim Davies as its new chief risk officer. He is expected to help the bank as it fine-tunes its Regulatory Business Plan and continues with the Prudential Regulatory Authority to obtain the U.K banking license that it desired.
“The recruitment of Tim, an experienced industry leader, is an important step for DAG Global as we build out what we hope will be the UK’s first merchant bank for the digital economy. We are progressing well with our UK banking licence application and look forward to being able to bring high touch, responsive banking to a fast-growing and critically underserved digital market,” said Sean Kiernan, chief executive of DAG Global.
Davies has over three decades of risk management experience. Prior to joining DAG Global, he handled the same role with Rothschild, Midland Bank (now HSBC), Deloitte, Lloyds TSB, and ICAP. He also has an impressive track record in Credit and Operational Risk Management. That’s not all; Davies has substantial regulatory knowledge and impressive judgment when it comes to derivatives, fixed income, FX, commodities, and collateralized instruments. He has presented at various industry conferences and even published papers within the field.
DAG Global has applied to obtain a full banking license to be the first digital assets merchant bank. In its website, it stated that it aims to deliver “next-generation merchant banking solutions to the underserved fintech, digital and SME sector, by re-establishing the historic and trusted connection between bank and client to promote dynamic and sustained future growth.”
It also announced that it applied to the PRA to obtain a full U.K. banking license, so it can offer a full suite of classic products and services across digital and fiat currencies and asset classes.
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