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#1 23-06-2022 17:29:45

johnedward
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Admirals obtains a brokerage licence in South Africa

Admirals obtains a brokerage licence in South Africa


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Admirals, a global financial technology company, has announced that it has been granted a licence to offer contracts for difference (CFDs) and equity trading options in South Africa.

As a result, the fintech company said it has added Admirals SA (PTY) Limited, an execution brokerage, to the Admirals AS group.

This subsidiary has been authorised and will be regulated by the Financial Sector Conduct Authority, South Africa's financial markets regulator.

The fintech company, which has seen its revenues fall by 42% last year, recently announced this in a press release.

Admirals said it had opened an office in Cape Town, one of South Africa's three capital cities, to offer CFD services to retail and professional traders in the African country.

"By establishing its first hub in Africa, Admirals plans to continue building its strong presence on the continent," the company says in the statement.

A 10-year vision

Sergei Bogatenkov, managing director of Admirals Group, said the company wanted to offer its CFDs and its many international equity trading options to existing and new clients.

Bogatenkov notes that the licence "signifies the conclusion of one of the key milestones of our 10-year vision."

He adds that this vision is to provide financial freedom to 10 million people by 2030.

The CEO also stresses that the licence is part of Admirals' grand plan to strongly position the company in Africa.

"Today, we are witnessing a rapidly changing financial environment in Africa, which gives us important means to expand our customer base," Bogatenkov says.

"We see this licence as a strong landmark, laying a promising ground for the success of our long-term strategy," he adds.

Admirals said it would introduce "many interesting products" to Africa in the future through its South African subsidiary.

Admirals is a Tallinn, Estonia-based trading platform for forex and CFDs on various financial markets. It was previously known as Admiral Markets.

The company, which is listed on NASDAQ Nordic, was founded in 2002 by Alexander Tsikhilov.

NASDAQ Nordic operates marketplaces for securities in the Nordic and Baltic regions of Europe.

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