Retail FX and CFDs broker XS.com has announced that it has acquired Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) 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, setting the stage for broader expansion across the African region for XS.com.
Operating under this new name, XS ZA (Pty) Ltd is now authorized to provide through XS.com 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 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.”
The company said that 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).
About XS.com
Originally established in Australia in 2010, XS.com is now headquartered in both Cyprus and the UAE. Recent additions at XS.com began with Mohamad Ibrahim coming on board as the Group’s new CEO early last year. Other recent hires include Ahmed Negm as XS.com’s new Head of Market Research for the MENA region, ICM.com exec Wael Hammad as CCO, ex IQ Option exec Stephanie Michael as Global Head of HR, and FxPro executive Despina Iapona named to head PR and Branding.