South Africa: XS.com Expands African Presence with Acquisition of South African License

XS.com, a leading FinTech and financial services provider, has announced its strategic foray into the burgeoning African market with the acquisition of a licensed Financial Service Provider (FSP) in South Africa. The multinational multi-asset group has finalized the acquisition of “Ubutyebi Financial Services,” duly regulated and authorized by the South African Financial Sector Conduct Authority (FSCA).

This milestone heralds the establishment of “XS ZA,” a licensed Financial Service Provider entity in South Africa, bearing license number 53199. With this significant development, XS.com solidifies its position as a key player in the South African market and lays the groundwork for expanded operations across the African continent.

Operating under the new identity of XS ZA (Pty) Ltd, the company is poised to offer a diverse range of asset classes, including FX and CFDs products, through XS.com. These offerings cater to both retail and professional clients, extending beyond South Africa to encompass other African nations.

Wael Hammad, the Group Chief Commercial Officer at XS.com, commented on the acquisition of the South African license, stating,

“With this strategic move, XS.com embarks on a trajectory of significant growth within the African continent, particularly in the dynamic South African market. This acquisition unlocks fresh opportunities and reinforces XS.com’s stature as a global leader in the online trading sector.”

Fabian Frants, Business Development Director of XS.com in South Africa and Director of “XS ZA,” emphasized the strategic importance of the acquisition, stating,

“This milestone underscores XS.com’s commitment to advancing financial services in South Africa and beyond. We are enthusiastic about the prospects that ‘XS ZA’ presents, enabling us to tailor our services to meet the distinct needs of African clients. Our dedication to innovation and client satisfaction remains steadfast, and we eagerly anticipate contributing to the ongoing growth of the financial landscape in the region.”

This strategic initiative underscores XS.com’s unwavering commitment to regulatory compliance and exceptional service since its inception in Australia in 2010. The acquisition aligns with the company’s dedication to navigating the regulatory landscape in South Africa, overseen by the Financial Sector Conduct Authority (FSCA).

XS.com specializes in offering forex and contracts for differences (CFDs) across various asset classes to retail and professional traders. With the South African license, XS.com will extend its services to the local market and other African nations, further cementing its presence in the region.