XS.com Acquires Ubutyebi Financial in South Africa

XS.com, a Retail FX and CFDs broker founded in Australia, has officially acquired Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) regulated and sanctioned by the South African Financial Sector Conduct Authority (FSCA).

The acquisition has paved the way for the establishment of “XS ZA,” a licensed Financial Service Provider entity based in South Africa, identified by license number 53199. This strategic move positions XS.com for expansive growth across the African region.

Under the banner of XS ZA (Pty) Ltd, the entity is now authorized to offer a diverse array of asset classes, including FX and CFD products, catering to both retail and professional clients not only within South Africa but also across various African nations.

Wael Hammad, Group Chief Commercial Officer at XS.com, expressed optimism about the acquisition, emphasizing its role in propelling XS.com's growth in the African continent, particularly in the South African market. He highlighted the acquisition as a catalyst for new opportunities, reinforcing XS.com's global leadership in the online trading industry.

Fabian Frants, Business Development Director of XS.com in South Africa and Director of XS ZA, underscored the strategic importance of the move, emphasizing the company's commitment to advancing financial services in South Africa and beyond. Frants expressed excitement about the prospects of “XS ZA,” enabling tailored offerings to meet the distinct needs of the African clientele. The commitment to innovation and client satisfaction remains unwavering, contributing to the continued growth of the financial landscape in the region.

XS.com emphasized that this strategic initiative underscores its unwavering commitment to regulatory compliance and exceptional service since its inception in Australia in 2010. The move aligns with the company's dedication to navigating the complexities of regulatory oversight in the South African market, overseen by the Financial Sector Conduct Authority (FSCA).