Naga Group has announced plans to launch its services in Australia and South Africa and is seeking approval from ASIC and South African FSCA.
25 August 2020 | AtoZ Markets – Naga Group was founded in 2015 as a Fintech company. It allows trading services of financial instruments such as cryptocurrency, indices, forex, and commodities. It is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 204/13.
Naga Plans to Expand Its Services Into Australia and South Africa
Naga Group announced a strategic expansion of its services to Australia and Africa. Moreover, Naga plans to launch local offices in Sydney, Australia, and Cape Town, South Africa. It is currently seeking approval from the Australian Securities and Investments Commission (ASIC) and the South African Financial Sector Conduct Authority (FSCA). Due to the strong global demand for digital solutions in financial education, investment, and personal finance, NAGA has selected those two regions. Benjamin Birski, founder and CEO of NAGA, said:
“With more than six million people actively investing in the financial markets, Australia shows enormous potential for us. Our platform is ready for the Australian market. We will expand our customer base, more trading hours per day, and significantly accelerate our growth. We look forward to bringing the most advanced social trading technology to Australia“.
NAGA plans to begin its operations in both regions in 2021, waiting for local regulatory approval. However, it is planning to open a new Sydney office in the coming months.
“South Africa has shown steady growth in the CFD and stock trading market in recent years. With the same time zone and English as our mother tongue, entering the market will be extremely efficient. Based on our market research, we now have the certainty that a social investing -Platform like NAGA will have a head start in South Africa and that the market still has considerable growth potential, “said Bilski, commenting on the planned start in South Africa.
Earlier, the company launched 1:20 crypto leverage in response to a wide range of demand capitalizing on increased volatility and trading activity. The company said it aims to provide better and more accessible trades to all levels of expertise.
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