XTB Achieves Regulatory Approvals in Indonesia and UAE for Global Expansion

The publicly traded Polish fintech firm, XTB, has made significant strides in expanding its global operations by acquiring regulatory approvals in Indonesia and the United Arab Emirates (UAE). These approvals mark a major step forward in the company’s efforts to extend beyond its European stronghold.

XTB Secures Critical Authorizations in Indonesia and UAE

XTB’s subsidiary in Indonesia, XTB Indonesia Berjangka, successfully obtained a PALN license from Bappebti, the Indonesian regulatory agency. This license permits the company to offer stock and exchange-traded fund (ETF) investment services to Indonesian clients. As per the company’s statement, operations in Indonesia are anticipated to commence in the first half of 2025.

“This license takes us a significant step closer to launching our services in Indonesia,” noted Omar Arnaout, CEO of XTB. In a statement originally delivered in Polish and later translated, Arnaout emphasized the intense preparation undertaken to penetrate this promising market. “In recent months, we have focused on extensive organizational, regulatory, and technological groundwork. We estimate that operations will begin by mid-2025,” he added.

Earlier in March 2024, XTB announced its acquisition of the Indonesian brokerage Eagle Capital Futures. With a population comparable to the European Union, Indonesia is expected to serve as a pivotal “Gateway to Asia” for XTB’s operations.

In parallel, XTB has received a Category 5 license from the Securities and Commodities Authority (SCA) in the UAE. This new authorization broadens XTB’s reach beyond the Dubai International Financial Centre (DIFC), where it has operated under a Dubai Financial Services Authority (DFSA) license since mid-2021. The new license empowers the company to establish operations outside DIFC’s jurisdiction and diversify its services across the region.

Accelerating Growth and Regional Performance

XTB’s expansion in the Middle East has already shown promising results. Earlier this year, the company introduced ETF Investment Plans in the region, which contributed to a strong financial performance. According to the latest figures, XTB’s Middle East operations reported a 44.7% increase in operating revenue for the third quarter of 2024 compared to the same period in the previous year.

Beyond its international initiatives, XTB is also preparing to launch a virtual wallet with multi-currency card capabilities in its home market, Poland, in the first quarter of 2025. Additional strategic projects are expected to be announced in early 2025, underscoring XTB’s dedication to innovation and market leadership.

These licensing achievements in Indonesia and the UAE reflect XTB’s determination to establish itself as a global powerhouse in the fintech and trading sectors, leveraging opportunities in diverse markets to sustain growth.