Retail brokerage MultiBank Group announced that it has gained a regulatory license from the Dubai Financial Services Authority (DFSA), thus making its position stronger in the Middle East and North Africa (MENA) region.
It is the seventh regulatory license obtained by the brokerage, the press release shared with Finance Magnates shows. Multibank is already licensed under the regulators in Australia, Germany, Austria, Spain, the British Virgin Islands and the Cayman Islands.
Commenting on the development, MultiBank Group chairman, Naser Taher said: “The DFSA license marks yet another momentous occasion for MultiBank Group and is a testament to the strength of our group and commitment to the MENA region. The DFSA approval underscores our dedication to continue to provide our retail and institutional clients with world-class services and the highest level of security of funds.”
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New Office in Dubai
The DFSA license was awarded to the Multibank Group’s subsidiary MEX Australia Pty Ltd, which has opened a new office in the Dubai International Financial Centre (DIFC). Multibank now has 21 offices across 5 continents.
MEX clients include both retail and institutional brokerages. It offers a range of trading services with foreign exchange (forex) and contracts for differences (CFDs). The Group highlighted that it has more than 280,000 customers globally and profited by $85.6 million last year.
“We have thoroughly enjoyed working with the DFSA throughout this process and proudly take a position here in the DIFC,” Courtney Fitzsimmons, CEO of MEX Australia, added. “In this evolving market, we are thrilled to add to our regulatory arsenal, and look forward to making our mark in Dubai.”