XS.com Forms FSCA-Licensed Entity XS ZA Through Acquisition of Local Broker Ubutyebi

The global multi-asset broker XS.com announced its acquisition of Ubutyebi Financial Services, a Financial Service Provider (FSP) licensed and regulated by the South African Financial Sector Conduct Authority (FSCA). This marks the broker’s latest strategic move to tap into the growing opportunities in the African continent.

The acquisition enables the establishment of a locally licensed entity, XS ZA, XS.com revealed in an official announcement. Operating under this new name, XS ZA (Pty) Ltd is now authorized to offer a wide range of asset classes, including Forex and CFD products, to retail and professional clients in South Africa and the rest of Africa through XS.com.

Wael Hammad, the Group Chief Commercial Officer at XS.com, commented: "With this acquisition, XS.com boldly charts its path to significant growth in the African continent, particularly in the South African market. This move opens new opportunities and reinforces XS.com's position as a global leader in the online trading industry." 

"This milestone solidifies XS.com's dedication to advancing financial services in the South African market and beyond. We are excited about the opportunities 'XS ZA' brings, allowing us to tailor our offerings to meet the unique needs of the African clientele. Our commitment to innovation and client satisfaction remains unwavering, and we look forward to contributing to the continued growth of the financial landscape in the region, " said Fabian Frants, the Business Development Director of XS.com in South Africa and Director of XS ZA.