Admirals just got a Kenyan license; next, it plans to go to Seychelles

Capital Markets Authority (CMA), the financial regulator of Kenya, recently issued a license for Admirals, a non-dealing online forex trading broker based in Estonia. The company has been seeking global expansion, and it seems particularly interested in African countries. In its statement, Admirals said that it hopes that achieving this license will assist in pushing growth in Africa further while, at the same time, it will grant access to a stringently regulated market.

The company received its new license some six months after getting a license from the regulator of South Africa, the Financial Sector Conduct Authority. In South Africa, Admirals can provide and execute contracts for difference and share trading options.

Apart from that, Admirals Groups AS also decided to open a new office headquartered in Cape Town. This gives it a stronger foothold in South Africa and Africa in general. At the time, the company noted that this was its first hub in Africa, and it would allow for a stronger presence on the continent.

Admirals continues to expand

Another big development for Admirals came recently when its South African and Cypriot subsidiaries signed an agreement for a joint takeover of Aglobe Investments Ltd. The firm will now act as its subsidiary in Seychelles, thus granting Admirals yet another foothold in Africa, and expanding its reach to another country.

The Financial Services Authority of Seychelles has already regulated Aglobe Investments Limited. Furthermore, Admirals also partnered with TipTanks recently. According to the company, the partnership will allow it to improve its traders’ research capabilities.

TipTanks is a financial big data company and one of the leading ones at that. It provides institutional-grade research tools, as well as data, which is available to retail investors. With the ability to conduct advanced research with these tools, investors can make better decisions and increase their odds of making good moves in the market.

The companies said that traders who use Admiral’s site and app for mobile devices would be able to access the analyst rating consensus, as well as price targets of stocks they are interested in. With that at their disposal, they can make data-driven decisions instead of reacting to the market at random.

However, despite the partnerships, acquisitions, and expansion, Admirals Group still posted a 43% decline when it came to its annual revenue for 2021. The reason for this is the fact that the impact of the coronavirus-induced volatility had vanished, and the group saw a net trading income drop from 62.2 million EUR to 35.7 million EUR.