XS.com acquires South African broker Ubutyebi Financial Services

abdelaziz Fathi

XS.com, the multi-regulated financial services provider, has made a strategic move to expand its presence in Africa by acquiring Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) in South Africa regulated by the Financial Sector Conduct Authority (FSCA).

With this acquisition, XS.com has established “XS ZA,” a licensed Financial Service Provider entity in South Africa, under license number 53199.

Operating as XS ZA (Pty) Ltd, the company is now authorized to offer a diverse range of asset classes, including FX and CFDs products, to both retail and professional clients not only in South Africa but also across other African nations.

Wael Hammad, the Group Chief Commercial Officer at XS.com, comments: “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.”

Fabian Frants, the Business Development Director of XS.com in South Africa and Director of “XS ZA”, added: “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.”

Earlier in July, XS.com strengthened its South Africa’s operations with the appointment of Mabyanine Phiri as their new marketing manager. Phiri brings with him a long experience and a diverse skill set that is expected to contribute to the company’s marketing efforts and overall success. Having worked in the country’s financial industry since 2013, he has expertise in marketing management, digital strategy, and search engine optimization (SEO).

XS Group is a multinational fintech and financial services provider with entities authorized in various jurisdictions around the globe.

Founded in 2020, XS.com was originally founded in Australia before relocating its headquarters to Cyprus. The broker is authorized in Seychelles while its institutional arm, XS Prime Ltd, is regulated by the Australian Securities and Investments Commission (ASIC).

Forex brokers in South Africa are overseen by the financial sector conduct authority, FSCA, which approves the platforms that can operate within the jurisdiction. The powerful watchdog handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system.

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