IC Markets has expanded its existing partnership with the payments platform, Paysafe (NYSE: PSFE) to enhance payment options in Latin America. Under the refreshed agreement, traders in Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, and Peru will have access to the broad payment options offered by Paysafe, the official announcement detailed.

IC Markets Extends Paysafe's Partnership

The two companies started their partnership in 2018, under which IC Markets integrated with Paysafe’s payments API for payments in Europe. The payment options include digital wallets and locally preferred payment modes.

“We’re delighted to be expanding our multi-year partnership with IC Markets and facilitating their move into Latin America, where we can offer our entire suite of products, including some of the most popular forms of local payments such as bank transfers. The region is growing rapidly, and we look forward to seeing IC Markets thrive there,” said Robert Gatto, the Chief Revenue Officer at Paysafe.

IC Markets is a prominent forex and contracts for differences (CFDs) broker with an extensive presence in established as well as emerging markets like Latin America. Headquartered in Sydney, the broker is regulated in Australia, Cyprus, Seychelles, and the Bahamas.

The Growing Demand in Latam

It has recently expanded the payments deal with Paysafe as the demand for trading has skyrocketed in Latin America. The region has a growing population, rising smartphone adoption, and increasing digitization, leading to a massive rise in demand for financial services and alternative payments.

“The region is particularly important for the retail forex trading market, and Paysafe’s deep expertise in compliance and the regulatory landscape in the region supported the integration,” the official press release stated.

Apart from IC Markets, other brokers are expanding their presence in Latin America. Earlier this year, Exness, one of the largest FX/CFDs brokers, opened an office in Uruguay, marking its first presence in the region. Zenfinex is another broker to open an office in Mexico in May.