XTB, a large FX and CFD broker with branches and licenses in several jurisdictions, has announced that it’s the Middle East and North African branch, XTB MENA, has received the coveted category three licenses from the Dubai Financial Services Authority (DFSA).
With this license, the company would be able to offer its services to the whole of the Middle East including UAE, Qatar, Bahrain, etc. It would also be looking to expand its footprint into the African region as it grows further. The company already has regulatory licenses in other jurisdictions like the UK (FCA) and Cyprus (CySEC) and this would only add to its arsenal and help it to approach the MENA region with confidence.
It was only at the beginning of the year that the broker had opened its MENA branch in Dubai within the Dubai International Financial Center (DIFC) and it was pretty much a hint that it was looking to expand into the region and for that, it would need this license.
The DIFC is a center that has been started by the Dubai authorities to spur the growth of financial services in the region and they hope to entice large financial and crypto companies into this center and develop it as a full ecosystem where companies can come in and would immediately have access to everything that they need to set up their financial services business.
This has gained traction in recent times and it looks as though XTB also has made some good use of this over the last few months. This region has been eyed for a long by various companies but they had been forced to hold back as the regulations and laws were either very strict or were not very clear which made these firms feel unwelcome. But that situation seems to have changed over the last couple of years as the doors in this region have been thrown open to companies involved in financial services and they have also started to pile in due to the benefits and the markets that this region seems to offer.
XTB would be looking to build on this license and grow its market in this region by improving its offering to include instruments and assets that are specific to this region as it is generally believed that the people in this region prefer that kind of personal touch.