X-Trade Brokers, known by its trade name XTB, is gearing up to expand its international operations and is aiming to enter the United Arab Emirates as soon as the first half of this year.
“We are very close to launching operations in the United Arab Emirates. Our intention is to start operating in this market in the first half of 2021,” XTB President Omar Arnaout said on a conference call on Monday.
“However, you have to remember that when you start operating in a new country, you need a period of 6-12 months to appear on this market. In Asia, we are practically nobody, so before we create a brand in Asia, it will definitely take some time.”
As Finance Magnates reported earlier, XTB already incorporated its new subsidiary, XTB MENA Limited, in the Dubai International Financial Center (DIFC) and is now in the process of gaining a license from the Dubai Financial Services Authority (DFSA).
The Rising Star of the DeFi Project, GIBXSwap, Passes CertiK Security AuditGo to article >>
Uncertain South Africa Plans
Apart from the UAE, the Polish broker is pushing to start operations in South Africa, but the delay in regulatory proceedings left XTB without any timeline for that. The brokerage company applied for an FSCA approval in February 2019, but the license has not been granted yet.
“We are not able to provide the expected date of commencement of operations due to the complex local formal and legal conditions,” XTB Board Member, Paweł Szejko, said on the South African condition.
The brokerage is eying international markets as its operations in Europe exploded in recent years. The company reported record figures last year and is now witnessing solid growth in client activities. It recently posted preliminary financials, showing more than a 121 percent jump in quarterly profits.
The broker gained a record 67,231 new traders last quarter, and its management is aiming to obtain at least 120,000 new customers by the end of the year.
Furthermore, the financial results pushed the share price of the broker, which is now trading at more than 13 percent higher since the last close, as of press time.