Far East -based Australia, which focuses on FX retailing FX and CFDS Mitrade, has announced that it has acquired Fridah Asset Pty Ltd managers, a Financial Services Provider (FSP) regulated by the South African Financial Sector Authority (FSCA).
The company, which will be renamed Mitrade Markets Pty Ltd, represents Mitrade’s fifth regulatory license and further strengthens its global expansion strategy across Africa, the Middle East and Latin America. Earlier this year, Mitrade became a CFD regional sponsor of the Argentine football union.
Mitrade said the acquisition plays a critical role in its long -term strategy for achieving emerging markets, especially in the Middle East and North Africa (Mena) and Latin America (Latam).
Kevin Lai, Vice President of Mitrade, said,
“In a volatile macroeconomic climate, the building of resistant infrastructure in authorized jurisdictions is the way we escalate viable.
Mitrade’s regulatory footprint already includes licenses from Asic (Australia), Cima (Cayman Islands), FSC (Mauritius) and Cysec (Cyprus). Adding the FSCA license through Fridah Asset Managers Pty Ltd further enhances Mitrade’s ability to provide consistent access to more than 800 financial instruments, including forex, indicators, goods, ETFs and stocks.
For Mitrade
Australia -based Mitrade is a Melbourne CFD trading platform, trusting 5m+ traders worldwide. There is several regulated subsidiaries, including Australia (ASIC AFSL 398528), Cyprus (Cysec CIF 438/23) and now South Africa, as well as offshore entities in the Cayman islands and Mauritius. Focusing mainly on merchants in the Far East, Mitrade is controlled by the Chinese National Shifei Chen based in Singapore.