Polish Fintech XTB Receives Indonesian and UAE Approval To Conduct Operations
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XTB, a fintech firm headquartered in Poland, recently received two new regulatory approvals to conduct operations — one in Indonesia, and another in the United Arab Emirates (UAE).
As a result, the company gets to continue with the expansion of its international presence and finally establish a solid foothold in markets outside of Europe.
The company’s subsidiary in Indonesia, known as XTB Indonesia Berjangka, announced recently that it was granted a PALN license from Bappebti, the Indonesian regulatory body. The license will allow the company to start offering stocks and ETF investment services in Indonesia, with the current plan being to commence operations in the country at some point in the next si months.
Omar Arnaout, XTB’s CEO, said that the license will bring the firm significantly closer to launching operations in Indonesia. Previously, the firm acquired an Indonesian broker, Eagle Capital Futures, in March 2024, which was instrumental in taking the next step and obtaining the license.
In another statement, XTB also revealed that it received a Category 5 license from the UAE Securities and Commodities Authority (SCA). This was a long-awaited move, since XTB operated under a license granted by the Dubai Financial Services Authority (DFSA) since July 2021.
The new approval will significantly expand the company’s reach, as it will allow it to conduct its business outside of Dubai’s special economic zone. Now, the entire region will be able to reach the firm’s products and engage in trading of a variety of assets.
This was also announced in a statement in Polish which, when translated, says: “XTB has been granted a Category 5 license by the UAE Securities and Commodities Authority (SCA). Since July 2021, XTB has been operating under a license granted by the Dubai Financial Services Authority (DFSA). However, the latest approval allows the company to operate outside of Dubai’s Special Economic Zone and expand its service offering in the region.”
It is also worth noting that XTB intends to continue to introduce new products into the region. So far, it launched ETF Investment Plans earlier in 2024, and new data indicates that its efforts have paid off. The firm has recorded a 44.7% increase in operating revenue in the Middle East in Q3 2024 compared to the same period in 2023.
