XS.com has successfully acquired Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) regulated & endorsed by the (FSCA).
XS.com has successfully acquired Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) regulated & endorsed by the (FSCA).
XS.com has successfully acquired Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) regulated and endorsed by the South African Financial Sector Conduct Authority (FSCA).
This strategic acquisition paves the way for the establishment of “XS ZA,” a licensed Financial Service Provider entity in South Africa, marked with license number 53199. XS.com is going to leverage this development for a broader expansion across the African region, reinforcing its position as a key player in the online trading industry.
Under its new identity, XS ZA (Pty) Ltd is now available to offer a diverse range of asset classes, including FX and CFD products, to both retail and professional clients not only in South Africa but also across other African nations. Wael Hammad, the Group Chief Commercial Officer at XS.com, expressed his enthusiasm about the acquisition, emphasizing its potential for significant growth in the African continent, particularly in the South African market.
Fabian Frants, Business Development Director of XS.com in South Africa and Director of XS ZA, underscored the strategic importance of this milestone. Frants stated that this move solidifies XS.com’s commitment to advancing financial services in South Africa and beyond, expressing excitement about tailoring its offerings to meet the unique needs of the African clientele. He highlighted the company’s dedication to innovation, client satisfaction, and contributing to the continued growth of the financial landscape in the region.
The company emphasized that this strategic initiative reflects XS.com’s unwavering commitment to regulatory compliance and exceptional service since its establishment in Australia in 2010. The move aligns with the company’s dedication to navigating the complexities of regulatory oversight in the South African market, overseen by the Financial Sector Conduct Authority (FSCA).
As XS.com ventures into this new phase of growth with XS ZA, the acquisition is expected to enhance the company’s market presence in Africa and contribute to shaping the future of online trading in the region.
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