XTB Secures Regulatory Approvals in Indonesia and UAE

XTB secures regulatory approvals in Indonesia and the UAE, expanding its global presence and plans for market launches.

Key Points:

• XTB has received licenses to operate in Indonesia and the UAE, expanding its presence in Asia and the Middle East.
• The company plans to launch operations in Indonesia by 2025 and expand its services in the UAE, with a 44.7% revenue increase in the Middle East in Q3 2024.

XTB, the publicly listed Polish fintech company, has gained regulatory approval to operate in Indonesia and the United Arab Emirates (UAE), marking a significant step in its global expansion beyond Europe.

New Licenses in Indonesia and the UAE

XTB‘s Indonesian arm, XTB Indonesia Berjangka, has received a PALN license from Bappebti, the country’s financial regulator. This license allows XTB to offer Indonesian residents stock and ETF investment services. The company plans to launch its services in Indonesia in the first half of 2025.

Commenting on the milestone, XTB CEO Omar Arnaout said, “This license brings us significantly closer to launching our operations in Indonesia. The past months have been intense, as we undertook extensive organizational, regulatory, and technological work to prepare for entering this promising market.”

XTB Secures Regulatory Approvals in Indonesia and UAE

Earlier this year, XTB acquired the Indonesian brokerage Eagle Capital Futures, setting the stage for its expansion into a market with a population rivaling the entire EU. Indonesia is a key “Gateway to Asia” for the company.

XTB has also secured a Category 5 license from the UAE Securities and Commodities Authority (SCA) in a separate development. While XTB has been operating in the UAE under a permit from the Dubai Financial Services Authority (DFSA) since 2021, this new approval allows the company to expand its operations beyond Dubai’s special economic zone and offer a broader range of services across the UAE.

Growing Presence in the Middle East

XTB has been expanding its regional product offerings, including the launch of ETF Investment Plans earlier this year. The company’s efforts are paying off, with financial reports showing a 44.7% increase in operating revenue from the Middle East in Q3 2024 compared to the same period in 2023.

Additionally, XTB plans to introduce a virtual wallet with multi-currency card functionality in Poland by the first quarter of 2025, with more strategic announcements expected in early 2025.

This expansion in Indonesia and the UAE demonstrates XTB‘s commitment to strengthening its position in Asia and the Middle East following its success in European markets.

Visit Stock Broker Chooser’s website for more detailed reviews and insights into leading brokers in the industry. Users will also find comprehensive Reviews and information on the Best Brokers available.