Enigmatig is a Singapore-based consultancy that helps small and medium-sized FX and CFD brokerage businesses obtain and maintain financial licenses in overseas jurisdictions, primarily the UK (FCA), Cyprus (CySEC), and Belize (IFSC). Most clients are brokerage businesses headquartered in Hong Kong, Southeast Asia, mainland China, and the UAE. Enigmatig positions itself as a one-stop shop, handling everything from initial license applications to ongoing regulatory compliance, corporate secretarial work, and back-office support. The company earns professional services fees priced on complexity, jurisdiction, and time. Licensing services account for roughly half of revenue, with incorporation and corporate secretarial services contributing around 19%. Licensing work is billed 50% upfront and 50% on success for new applications, while ongoing compliance work is billed monthly, providing a recurring revenue stream. Enigmatig also resells KYC/AML and transaction monitoring software from a Danish partner to clients, though this regtech business is early-stage. The business is asset-light and people-intensive, with 18 employees across offices in Singapore, Hong Kong, Shanghai, and London, plus a Bangkok desk. Revenue is small and concentrated — the two largest clients account for roughly half of total revenue. Enigmatig sources new clients primarily through referrals. The company plans to expand geographically into Taipei, Jakarta, and Dubai, grow its regtech offering, and use competitive pricing on core services to attract new clients and then cross-sell higher-margin regtech services.