Kenya’s Capital Markets Authority (CMA) has licensed Estonia-based Admirals as a non-dealing online forex trading broker in the East African country. The global financial technology company announced the development on Thursday.

“Admirals hopes the achieving of this license shall assist further growth in Africa and grant access to a stringently regulated market,” Admirals said in a statement.

The new license comes six months after South Africa’s Financial Sector Conduct Authority licensed Admirals SA (Pty) Limited to provide contracts for difference (CFD) execution and share trading options in South Africa. Additionally, Admirals Groups AS opened a new office in Cape Town as part of its move to expand its client base in Africa.

"Establishing its first hub in Africa, Admirals plans to further set up its strong presence in the continent,” the company said in a previous statement.

Admirals and Seychelles Subsidiary

Meanwhile, in a statement on Thursday, the company noted that its Cypriot and South African subsidiaries had signed an agreement to jointly take over Aglobe Investments Limited.

Details on the company's site show that the firm is its subsidiary in Seychelles. Aglobe Investments Limited is regulated as a securities dealer by the Financial Services Authority of Seychelles.

Additionally, Admirals recently partnered with TipTanks to improve traders' research capabilities. TipTanks is a top financial big data company that makes institutional-grade research tools and data available to retail investors.

“Thanks to the partnership, traders using Admirals’ website and mobile app can now access the analyst rating consensus and price targets of the stocks they are researching, making it easier for them to formulate data-driven decisions,” the companies said in a statement announcing the collaboration.

In other news, Finance Magnates reported that Admirals Group posted a -43% decline in its annual revenue for 2021 as the impact of the COVID-19-induced market volatility vanished. The Group’s net trading income dropped by -43% to €35.7 million, which is down from the prior year’s €62.2 million.