XTB Gets New Licenses In Indonesia And UAE
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Polish fintech company XTB has recently secured two important regulatory approvals, one in Indonesia and another in the United Arab Emirates (UAE). These new licenses will help the company grow its international presence outside Europe.
The approval in Indonesia allows XTB to offer stocks and exchange-traded funds (ETFs) to Indonesian residents. The approval in the UAE will help the company expand its services beyond Dubai’s special economic zone.
XTB Secures Key Indonesian License
XTB’s team in Indonesia, called XTB Indonesia Berjangka, now has a PALN license from Indonesia’s regulator, Bappebti. This license will help XTB offer services like stocks and ETFs to people in Indonesia. The company said it plans to begin its work in the country in the first half of next year.
Omar Arnaout, the leader of XTB, said this license is a very important step for the company. He explained that they worked very hard over the past months to prepare for their entry into Indonesia. He also said they are now much closer to reaching this goal.
In the UAE, XTB has also received a Category 5 license from the country’s Securities and Commodities Authority (SCA). This is another important step for the company because it allows them to work outside Dubai’s special economic zone.
Since 2021, XTB has been offering services in the UAE under a license from the Dubai Financial Services Authority. The firm said with the new license, it can now offer its services to people across the entire UAE region.
XTB Sees Success In the Middle East
XTB has been growing its operations in the Middle East, and it seems these efforts are paying off. The company’s financial reports for the third quarter of 2024 show a 44.7% increase in revenue from the region compared to the same time last year. This growth comes after XTB launched new products, like ETF Investment Plans, earlier this year.
Looking ahead, XTB has important plans for next year. The company said it will launch a virtual wallet with a multi-currency card in Poland in the first part of the year. XTB also announced that it will share more news about other plans.
With these new approvals, XTB is working to grow its services around the world. The company is already strong in Europe and wants to bring its products to new areas. The approval in Indonesia is very important because it gives the company a chance to grow in Asia, which has many people and a growing market.
The work for XTB is far from over. Even though the company has received the licenses it needs to operate in Indonesia and the UAE, it will still need to set up everything for a successful launch. This includes preparing its products and services for customers in these regions. With the Indonesian launch scheduled for 2025, XTB still has time to complete the setup.
