A seasoned executive in the FX and CFDs sector has recently taken on a role as a Board Advisor at a prominent financial technology firm. Previously, he held the position of Chief Executive Officer at Markets.com in Cyprus for over two years. In addition to this role, he worked as an Executive Director at Safecap Investments Limited, a company regulated by the Cyprus Securities and Exchange Commission (CySEC), where he concentrated on board oversight and regulatory affairs for more than four years.
Simultaneously, he held executive responsibilities at Magnasale Trading Limited, operating under Finalto Europe, also based in Cyprus, for a similar duration. Before these roles, he served as Group Chief Commercial Officer at Finalto in the United Kingdom, where he spent approximately five and a half years.
The fintech firm’s current strategic focus includes expanding its footprint in Asia. Plans are in motion to explore entry into China, a move that represents a significant opportunity given the country’s massive market of over 1.4 billion people. The company has conducted research on local hiring, licensing, and market opportunities, as well as partnered with Ant International, which is associated with Alipay’s parent organization. This collaboration aims to facilitate yuan transfers to recipients in China, potentially tapping into the country’s substantial $48 billion annual remittance market.
Beyond China, the firm is also looking to penetrate markets in the Middle East, including countries like Saudi Arabia, Kuwait, Indonesia, and Turkey. The analysis of regulatory environments has shown a favorable outlook for operations in the MENA region. The firm has categorized the regulatory conditions in Asia-Pacific as “neutral,” in MENA as “friendly,” and those in Europe as “aggressive.”
The organization was established in 2015 as a challenger bank and has since evolved significantly, acquiring banking licenses in the UK, Mexico, and Lithuania. Currently, it is in pursuit of additional licenses in New Zealand and France. For the year 2024, the fintech announced impressive financial results, reporting revenues of $4 billion and a pre-tax profit of $1.4 billion. A considerable part of this growth has been attributed to the burgeoning wealth division, which has seen particularly strong performance driven by cryptocurrency trading activities.
This recent appointment and the expansion initiatives signal a robust growth trajectory for the fintech company, as it seeks to strengthen its position in various international markets amidst an evolving financial landscape.