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February 21, 2024 - Multi-asset trading firm XS.com 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).
With this acquisition, XS.com inaugurates XS ZA, a new subsidiary in South Africa, under FSP license number 53199. XS ZA (Pty) Ltd is now authorised to provide, through XS.com, a 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, Group Chief Commercial Officer at XS.com, shared his perspective on the expansion, "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."
Adding to this, Fabian Frants, Business Development Director at XS.com in South Africa, and Director of XS ZA, commented, "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 says that this initiative by XS.com reaffirms its commitment to adhere to regulatory standards and underscores its dedication to providing exceptional services globally since its inception in Australia in 2010. The move also aligns the company's effort to navigate the regulatory landscape of South Africa effectively, under the vigilant oversight of the FSCA.
