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XTB SAXTB financials prepares to launch operations in Indonesia and Brazil
Listed financials company XTB continues to prepare for the launch of operations in Indonesia and Brazil, assessing that both markets have huge potential due to their size, XTB's CEO Omar Arnaout told a press conference.
"The moment we start the business in Indonesia, it will be based solely on equities, ETFs and investment plans," Arnaout said.
"We will not be offering CFD instruments because they require additional authorisation. And we will only have the additional authorisation in the second half of the year," he added.
The company's CEO continued that XTB is always only interested in markets that are growing, but at the same time those that are unregulated.
"We are always interested in markets that are growing but which are also regulated. In Asia, you cannot get a licence that would allow us to offer both equities, ETFs and CFDs. If I am not mistaken, this possibility is only in two markets: Singapore and Indonesia. So, the choice was very simple, and Indonesia was an obvious choice for us as it is growing at a tremendous pace," Arnaout said.
"In terms of our expectations for Brazil, it is a huge country, there is little competition in terms of CFDs, so we would like to get into that market. In Indonesia, our main goal is to get as many clients as possible because of the fact that monetisation will be difficult when we don't yet have CFD instruments in addition to equities, ETFs and investment plans," he added.
pr/ ao/