Profil:
XTB SAXTB fintech acquires licences in Indonesia and United Arab Emirates
Listed financials company XTB, a Polish fintech offering access to global financial markets via an online investment platform and mobile app, has acquired two new foreign licences, XTB said in a press release. With these, the company will launch operations in Indonesia and strengthen its presence in the Middle East region.
XTB's plans to start operations in Indonesia were announced in early 2024. In December, the Indonesian branch, a subsidiary XTB Indonesia Berjangka, received a PALN licence issued by local regulator Bappebti Indonesia. It will give Indonesian residents access to invest in stocks and ETFs offered by XTB.
"This licence brings us significantly closer to starting operations in Indonesia. We have had intensive months behind us during which we have done a tremendous amount of organisational, regulatory and technological work to launch in this promising market," said the CEO of XTB Omar Arnaout, quoted in the press release.
"We estimate that we will be able to start operations there in the first half of 2025," he added.
XTB was also granted a Securities and Commodities Authority (SCA) licence in the United Arab Emirates at the end of December. The category 5 licence will allow the company to improve cost and operational efficiencies, increase the range of services it provides to clients in the region, as well as increase its workforce and open a new office outside the special economic zone in Dubai.
According to XTB, the Middle East region is one of the fastest growing in terms of operating income. In the third quarter of 2024 alone, they grew by 44.7 percent year on year.
Moreover, XTB has announced that a virtual wallet with a multi-currency card will be launched on the Polish market in the first quarter of 2025, with further plans to be announced in the first weeks of next year.
pr/ ao/