Global financial technology company Admirals has received an operational license to provide share trading options and contracts for difference (CFDs) execution in South Africa. Following the license, the company has now welcomed an execution deal firm – Admirals SA Limited – to the Admirals Group AS. According to the announcement, the subsidy has been authorized to operate in the country and will be regulated by South Africa’s Financial Sector Conduct Authority.
The expansion is coming despite the slow activity in the market. The fintech firm had a 43% decrease in its revenue in 2021 but hopes to make up for the drought this year.
Admirals Plans to Establish A Strong Presence In Africa
Admirals have also announced the establishment of an operational office in Cape Town after acquiring a license in the country. The fintech firm can now offer CFD services to retail and professional traders in the region.
“Establishing its first hub in Africa, Admirals plans to further set up its strong presence in the continent,” the firm noted in a statement. The company hopes to use this development as a means of setting up in other countries in the region.
Chief Executive Officer of Admirals Group, Sergei Bogatenkov, stated that the firm wants to offer its extensive global share trading options and CFDs to both new and existing clients. He added that the license is part of the long-term strategy of the company to expand its operations across several regions. Bogatenkov reiterated that it is part of the company’s 10-year vision, which is to “avail 10 million people of financial freedom by 2030.”
Admirals To Launch More Products In The Region
The executive said the market environment is rapidly evolving in Africa. As a result, the company has seen enormous opportunities in the market that it can tap and explore. The license is a major landmark that will lay the foundation for the success of its overall strategic goals for expansion and dominance. Admirals Group is hoping to add more products to its offerings. This will give users more options when choosing which investment they want.
