The company wants to add bond offering and social trading features.
It is also working on its own virtual wallet and multi-currency card.
Following the close of Tuesday's session, the publicly traded fintech company XTB (WSE: XTB) unveiled its product roadmap 2024. It
indicates that the company, originating in the FX/CFD industry, is increasingly
focusing on passive investments, social trading, and the extensive use of AI
technology.
A Leap into Investment
Plans and Social Trading
Central to
XTB's 2024 vision is the expansion of its investment offerings. The company has
already made strides by integrating fractional shares and passive Investment Plans into
its app, a feature now available across multiple markets, including Poland,
Germany, Spain, Portugal, Romania, Czech Republic, Slovakia, the UK, Italy, and
the MENA region. This will
soon extend to the xStation platform in either the first or second quarter of
the year. The shift towards passive investing is evident, with the company
reporting significant growth in this area.
"At this stage, I
can already say that 2024 will be a historic year, in terms of the number of
new products in the XTBβs offer. We have been preparing for this moment for a
long time, as evidenced by our active efforts in developing the Product and
Technology Department," Omar Arnaout, the CEO of XTB, commented for Finance Magnates.
Furthermore,
XTB is set to present social trading products. The platform will allow users to
monitor the movements of top investors, offering rankings and categorizations
based on risk profiles. Real-time notifications about trading activities
complement this initiative.
"Social
Trading will be a new functionality within our trading platform helping
investors in making calculated investment," Arnaout explained.
Bonds and Virtual Wallets with Multi-Currency Card
The roadmap has revealed plans to broaden fixed-income offerings, particularly by making
bond investments more accessible. Utilizing a mechanism similar to fractional
shares, XTB aims to allow investments in fixed-rate bonds starting from EUR 10.
The portfolio will include a mix of government and corporate bonds, with a
focus on high ESG ratings and secure ratings ranging from AAA to BBB. Notable
issuers such as General Motors and Coca-Cola are part of this offering.
Another
major development is the introduction of a multi-currency virtual wallet
accompanied by a multi-currency card. This feature promises instant payments
between XTB accounts and real-time market settlements, including local instant
payments. The wallet will support over 100 currencies, providing users with
full control over their expenses and real-time notifications for all
transactions.
"Hopefully
by the end of the year,, we will introduce solutions aimed at further expanding
our customer base. The first will be a
virtual wallet with a multi-currency card. With the introduction of this
solution, XTB will become a comprehensive platform for managing finances," Arnaout added.
Asked who XTB is working with to release the card, the CEO did not answer directly. Arnaout only revealed that it will be a "renowned global player" that will allow the new product to be offered "in every part of the world."
Tax-Efficient Retirement
Products for Poles
Finally, XTB
is responding to client demand for tax-efficient retirement products in its
home markets, including local "IKE" and "IKZE" accounts. IKE
stands for "Individual Retirement Account" and is a personal pension
savings account offering tax advantages. IKZE can be referred to as the "Individual
Retirement Security Account," which is similar to IKE and is designed for
retirement savings, but it has different tax benefits.
The company has emphasized a commission-free approach for stock investments up to EUR 100,000
monthly, aligning with its broader fee structure. Data from the Polish
Financial Supervision Authority indicates a growing interest in these products,
despite their current underutilization in Poland.
However, brokerage
houses have seen substantial growth in assets under management in these
accounts. In the case of IKE, the largest increase in asset value was recorded
in accounts managed by brokerage houses (at the end of H1 2023, they amassed PLN
5.5 billion, which represents an increase of 24% compared to the end of 2022).
"XTB is a
global company so every product we introduce is analyzed from the global
perspective and our retirement offer will not differ so hopefully in every
country where such products exist we will think of dynamic implementation," Arnaout commented.
Participate in Our Fraud Survey: Your Opinion Matters!
We invite you to participate in our joint survey conducted by FXStreet and Finance Magnates Group, which explores prevalent online financial fraud types, platforms used for fraudulent activities, effectiveness of countermeasures, and challenges faced by companies in tackling such fraud. Your valuable insights will help inform future strategies and resource allocation in combating financial fraud.
Following the close of Tuesday's session, the publicly traded fintech company XTB (WSE: XTB) unveiled its product roadmap 2024. It
indicates that the company, originating in the FX/CFD industry, is increasingly
focusing on passive investments, social trading, and the extensive use of AI
technology.
A Leap into Investment
Plans and Social Trading
Central to
XTB's 2024 vision is the expansion of its investment offerings. The company has
already made strides by integrating fractional shares and passive Investment Plans into
its app, a feature now available across multiple markets, including Poland,
Germany, Spain, Portugal, Romania, Czech Republic, Slovakia, the UK, Italy, and
the MENA region. This will
soon extend to the xStation platform in either the first or second quarter of
the year. The shift towards passive investing is evident, with the company
reporting significant growth in this area.
"At this stage, I
can already say that 2024 will be a historic year, in terms of the number of
new products in the XTBβs offer. We have been preparing for this moment for a
long time, as evidenced by our active efforts in developing the Product and
Technology Department," Omar Arnaout, the CEO of XTB, commented for Finance Magnates.
Furthermore,
XTB is set to present social trading products. The platform will allow users to
monitor the movements of top investors, offering rankings and categorizations
based on risk profiles. Real-time notifications about trading activities
complement this initiative.
"Social
Trading will be a new functionality within our trading platform helping
investors in making calculated investment," Arnaout explained.
Bonds and Virtual Wallets with Multi-Currency Card
The roadmap has revealed plans to broaden fixed-income offerings, particularly by making
bond investments more accessible. Utilizing a mechanism similar to fractional
shares, XTB aims to allow investments in fixed-rate bonds starting from EUR 10.
The portfolio will include a mix of government and corporate bonds, with a
focus on high ESG ratings and secure ratings ranging from AAA to BBB. Notable
issuers such as General Motors and Coca-Cola are part of this offering.
Another
major development is the introduction of a multi-currency virtual wallet
accompanied by a multi-currency card. This feature promises instant payments
between XTB accounts and real-time market settlements, including local instant
payments. The wallet will support over 100 currencies, providing users with
full control over their expenses and real-time notifications for all
transactions.
"Hopefully
by the end of the year,, we will introduce solutions aimed at further expanding
our customer base. The first will be a
virtual wallet with a multi-currency card. With the introduction of this
solution, XTB will become a comprehensive platform for managing finances," Arnaout added.
Asked who XTB is working with to release the card, the CEO did not answer directly. Arnaout only revealed that it will be a "renowned global player" that will allow the new product to be offered "in every part of the world."
Tax-Efficient Retirement
Products for Poles
Finally, XTB
is responding to client demand for tax-efficient retirement products in its
home markets, including local "IKE" and "IKZE" accounts. IKE
stands for "Individual Retirement Account" and is a personal pension
savings account offering tax advantages. IKZE can be referred to as the "Individual
Retirement Security Account," which is similar to IKE and is designed for
retirement savings, but it has different tax benefits.
The company has emphasized a commission-free approach for stock investments up to EUR 100,000
monthly, aligning with its broader fee structure. Data from the Polish
Financial Supervision Authority indicates a growing interest in these products,
despite their current underutilization in Poland.
However, brokerage
houses have seen substantial growth in assets under management in these
accounts. In the case of IKE, the largest increase in asset value was recorded
in accounts managed by brokerage houses (at the end of H1 2023, they amassed PLN
5.5 billion, which represents an increase of 24% compared to the end of 2022).
"XTB is a
global company so every product we introduce is analyzed from the global
perspective and our retirement offer will not differ so hopefully in every
country where such products exist we will think of dynamic implementation," Arnaout commented.
Participate in Our Fraud Survey: Your Opinion Matters!
We invite you to participate in our joint survey conducted by FXStreet and Finance Magnates Group, which explores prevalent online financial fraud types, platforms used for fraudulent activities, effectiveness of countermeasures, and challenges faced by companies in tackling such fraud. Your valuable insights will help inform future strategies and resource allocation in combating financial fraud.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa