Publicly
listed Polish fintech XTB (WSE: XTB) has received two new
regulatory approvals in Indonesia and the United Arab Emirates (UAE), expanding
its international presence beyond its European base.
XTB Secures Regulatory
Approvals in Indonesia, UAE
The
company’s Indonesian subsidiary, XTB Indonesia Berjangka, obtained a PALN
license from the country’s regulatory body Bappebti, which will enable the firm
to offer stocks and ETF investment services to Indonesian residents. Operations
in Indonesia are scheduled to commence in the first half of 2025, according to
the company’s statement in Polish, seen by Finance Magnates.
“This
license brings us significantly closer to launching our operations in Indonesia,”
commented Omar Arnaout, CEO of XTB. The official commentary was issued in
Polish and auto-translated to English. “The past months have been intense, as
we undertook extensive organizational, regulatory, and technological work to
prepare for entering this promising market. We estimate that we will be able to
start operations there in the first half of 2025.”
In March
this year, XTB
announced the acquisition of an Indonesian broker, Eagle Capital Futures.
With a population almost as large as the entire EU, the country is set to
become a “Gateway to Asia” for the fintech company.
In a
separate development, XTB received a Category 5 license from the UAE Securities
and Commodities Authority (SCA). Since July 2021, XTB has operated under a
license granted by the Dubai Financial Services Authority (DFSA). However, the
newest approval allows the company to establish operations outside Dubai’s
special economic zone and expand its service offerings in the region.
XTB
continues to introduce new products in the region, with ETF Investment Plans
launched earlier this year. Financial reports indicate that these efforts are
paying off. Newest data shows the company’s Middle East operations recorded a
44.7% increase in operating revenue during
the third quarter of 2024 compared to the same period last year.
The company
also informed about its plans to
introduce a virtual wallet with multi-currency card functionality in its home
market of Poland during the first quarter of 2025. Additional strategic
initiatives are scheduled for announcement in early 2025.
This article was written by Damian Chmiel at www.financemagnates.com.
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