Retail FX and CFDs broker XS.com has announced that it has acquired Ubanza Financial Services, a licensed financial services provider (FSP) regulated and approved by the Financial Sector Conduct Authority of South Africa (FSCA).
In an official announcement, XS.com revealed that the acquisition enables the establishment of ‘XS ZA’, a licensed Financial Services Provider entity in South Africa with license number 53199, setting the stage for wider expansion across the African region for the XS.com.
Operating under this new name, XS ZA (Pty) Ltd is now authorized to provide through XS.com a variety of asset classes, including FX and CFD products, to both retail and professional clients not only in South Africa but and in other African nations.
Wael Hammad, Group Chief Commercial Officer at XS.com, expressed excitement about the implications of the acquisition, stating:
“With this acquisition, XS.com is boldly charting its course for significant growth on the African continent, particularly in the South African market. This move opens up new opportunities and strengthens XS.com’s position as a global leader in the online trading industry.”
Fabian Frants, Business Development Manager of XS.com in South Africa and Director of XS ZA, highlighted the strategic importance of the move, stating:
“This milestone reinforces XS.com’s commitment to advancing financial services in the South African market and beyond. We are excited about the opportunities that ‘XS ZA’ brings, allowing us to tailor our offerings to meet the unique needs of the African clientele. Our commitment to innovation and customer satisfaction remains unwavering and we look forward to contributing to the continued development of the financial landscape in the region.”
The company said this strategic initiative underscores XS.com’s unwavering commitment to regulatory compliance and exceptional service since its establishment in Australia in 2010. The move also aligns with the company’s dedication to navigating the complexities of regulatory oversight on the South African market, under the supervision of the Financial Sector Conduct Authority (FSCA).
About XS.com
Originally founded in Australia in 2010, XS.com is now headquartered in both Cyprus and the United Arab Emirates. The recent additions to XS.com started with Mohamed Ibrahim coming in as the new Group CEO early last year. Other recent hires include Ahmed Negm as XS.com’s new Head of Market Research for the MENA region, ICM.com exec Wael Hammad as CCO, ex-IQ Option executive Stephanie Michael as Global Head of HR, and FxPro executive , Despina Japan, head of PR and Branding.