XS.com Strengthens African Presence With South African License Acquisition
XS.com Strengthens African Presence With South African License Acquisition. XS.com, the leading FinTech and financial services provider, has unveiled its latest strategic move to tap into the growing opportunities in the African continent. The global multi-asset group has successfully acquired “Ubutyebi Financial Services,” a licensed Financial Service Provider (FSP) as regulated and endorsed by the South African Financial Sector Conduct Authority (FSCA).
In an official announcement, XS.com revealed that the acquisition enables the establishment of “XS ZA,” a licensed Financial Service Provider entity in South Africa, with license number 53199. This significant development positions XS.com as a formidable player in the South African market and sets the stage for broader expansion across the African region.
Operating under this new name, XS ZA (Pty) Ltd is now authorized to provide through XS.com, diverse range of asset classes, including FX and CFDs 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 enthusiasm about the acquisition’s implications, stating: “With this acquisition, XS.com boldly charts its path to significant growth in the African continent, particularly in the South African market. This move opens new opportunities and reinforces XS.com’s position as a global leader in the online trading industry.”
Fabian Frants, the Business Development Director of XS.com in South Africa and Director of “XS ZA”, highlighted the strategic significance of the move, stating: “This milestone solidifies XS.com’s dedication to advancing financial services in the South African market and beyond. We are excited about the opportunities ‘XS ZA’ brings, allowing us to tailor our offerings to meet the unique needs of the African clientele. Our commitment to innovation and client satisfaction remains unwavering, and we look forward to contributing to the continued growth of the financial landscape in the region.”
This strategic initiative underscores XS.com’s unwavering commitment to regulatory compliance and exceptional service since its establishment in Australia in 2010. The move also 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).
