Fintech Startup XS.com Bolsters Footprint in Africa With The Acquisition of A South African License
XS.com, a prominent FinTech and financial services provider, has announced its strategic expansion into the burgeoning African market. The multinational multi-asset group has completed the acquisition of “Ubutyebi Financial Services,” a licensed Financial Service Provider (FSP) regulated and authorized 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.
Under its new identity, XS ZA (Pty) Ltd, the company is now empowered to offer a wide array of asset classes, such as FX and CFDs products, through XS.com. These services cater to both retail and professional clients, extending beyond South Africa to encompass other African nations as well.
Speaking on the company’s acquisition of a South African license, the Group Chief Commercial Officer at XS.com Wael Hammad said,
“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.”
Also speaking, Fabian Frants, the Business Development Director of XS.com in South Africa and Director of “XS ZA”, highlighted the strategic significance of the move.
In his words,
“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).
XS.com offers forex and contracts for differences (CFDs) of several asset classes to retail and professional traders. Under the South African license, XS.com will offer services in the local market and across other African nations.
