MultiBank Group has just confirmed to AtoZ Markets that it has secured a strategic and commercial license in from Dubai regulator, the DFSA. This is a part of the broker’s growth strategy in the Middle East and North Africa (MENA) region.
October 14, 2020 | AtoZ Markets – MultiBank Group, one of the largest online financial derivatives providers worldwide has announced that its Australia-based subsidiary, MEX Australia Pty Ltd, has secured a strategic commercial license from the Dubai Financial Services Authority (DFSA).
The UAE has been an increasingly popular destination and base for global forex brokers looking to expand operations into the greater MENA and Arabic-speaking markets. Other brokerage firms that have obtained the DFSA license includes GO Markets, IronFX, and Pepperstone.
MultiBank Group continues expansion by obtaining a DFSA license
The new DFSA license, which will allow MultiBank to operate from the Dubai International Financial Centre (DIFC) hub, is the seventh regulatory license obtained by the brokerage, according to the press release. Multibank is already licensed under the regulators in Australia, Germany, Austria, Spain, the British Virgin Islands, and the Cayman Islands.
With the opening of the new office in the DIFC, the MultiBank Group said it now operates via 21 offices spread across 5 continents.
The Hong Kong-based Retail FX brokerage firm claims an annual turnover of over US$ 1.9 Trillion (i.e. average monthly trading volumes of $150-160 billion), and Gross Profit of US$85.6 million in 2019, facilitating over 90,000 trades per day and services over 280,000 customers worldwide.
Commenting on the acquisition of the DFSA license, Naser Taher, Chairman of MultiBank Group, said:
“The DFSA license marks yet another momentous occasion for MultiBank Group and is a testament to the strength of our group and commitment to the MENA region. The DFSA approval underscores our dedication to continue to provide our retail and institutional clients with world class services and the highest level of security of funds”.
According to Courtney Fitzsimmons, MEX Australia’s CEO, the company has thoroughly enjoyed collaborating with the DFSA throughout this process and is proud to take a place here in the DIFC. The company is excited to add to its regulatory arsenal and eagerly looks ahead to making its mark in Dubai, Fitzsimmons added.
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