Plus500 Buys Now-Closed Indonesian Broker, Starts to Offer Services Locally

Plus500 (LON: PLUS) has entered Indonesia by acquiring a locally regulated broker, Global Intra Berjangka, which stopped offering services in 2023. Following the acquisition, the London-listed broker is regulated by Bappebti, Indonesia’s futures and commodities trading regulatory agency.

A New Market for Plus500

According to the regulatory registry, Plus500 is offering its services in Indonesia through a locally registered domain.

Its offerings in Southeast Asian countries appear to be contracts for differences (CFDs) and other standard instruments that it offers in most other markets.

Global Intra Berjangka, a brand that has since been diluted, also appears to have offered forex and commodities trading to retail traders in the country. However, the broker’s website, which is still live, notes that it stopped onboarding new clients in January 2023.

Plus500’s expansion into Indonesia comes at a time when the broker has been expanding into new markets. A few months ago, it established its first representative office in Colombia and is also seeking a local licence in Chile.

The broker also bought an Indian derivatives broker earlier this year for $20 million.

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Another Lucrative Market for CFD Brokers

Indonesia has a population of more than 283 million, according to the World Bank, and is the largest economy in Southeast Asia. The country is also part of the Asia-Pacific region, one of the most active markets for brokerages today.

Plus500 is not the only CFD broker to enter the Indonesian market. Last year, Poland-headquartered XTB also entered the country by acquiring a local broker. Doo Financial also received an Indonesian licence last year.

However, most other CFD brokers offer services through offshore units, working with local affiliates and introducing brokers.

Recently, Robinhood announced plans for the largest Southeast Asian market and agreed to acquire two Indonesian financial firms, which are expected to close sometime in the first half of next year. The fintech plans to target around 17 million cryptocurrency traders and 19 million capital market investors in the country.