XS.com expands its footprint in South Africa by taking over Ubutyebi Financial Services, a local financial service provider. The company revealed this Wednesday that it has established a new branch, XS ZA, after obtaining authorization from the local Financial Sector Conduct Authority.
Wael Hammad, Group Chief Commercial Officer, noted that XS.com strategically targets growth within Africa, starting with South Africa. He asserted that XS.com is cementing its status as a worldwide online trading powerhouse.
The brokerage, XS.com, markets forex and CFDs to retail and seasoned traders in several asset classes. Services provided by XS.com will now cater to the South African market and extend to additional African countries, building on the recent license acquisition.
XS, founded in 2010, operates in regions including Europe, the Asia-Pacific, and the Middle East and holds licenses in Australia, Cyprus, and the Seychelles, amongst others. Just months before securing the South African license, XS.com had fortified its local operations by promoting Fabian Frantz to lead business development in the country.
Frantz, the newly minted Business Development Director, confirmed XS.com’s commitment to enhancing financial services within South Africa and its neighboring regions. He highlighted ‘XS ZA’s potential to customize services to the distinct demands of African customers, maintaining their focus on client satisfaction and fostering the financial sector’s growth.
Entering the African Market
The largely untapped African market presents a significant opportunity for retail brokers, a fact now recognized as firms like XS.com lay a foundation in nations like South Africa and Kenya.
Another FX and CFDs broker, OnEquity, was recently granted a South African license, following the steps of Vantage, Admirals, and XTB, who have recently done the same.
