A prominent US neobroker is set to expand its international presence by establishing operations in Dubai, targeting the Middle East and North Africa (MENA) region. The company is reportedly in the process of preparing a formal announcement regarding its plans, which are expected to unfold in the coming weeks.
As part of its strategy, the broker is seeking a Category 4 License from the Dubai Financial Services Authority (DFSA). Securing this license will enable them to begin onboarding clients within the UAE and the larger MENA area, utilizing offices in the Dubai International Financial Centre (DIFC), which is known for its robust regulatory framework and business-friendly environment.
To ensure a successful launch in Dubai, the firm has appointed a seasoned veteran of the FX and Contracts for Difference (CFDs) industry to lead its MENA operations. This new hire, appointed as Senior Executive Officer for the Dubai branch, brings significant experience from previous roles in well-regarded financial institutions operating in the region.
The expansion is a continuation of the broker’s recent efforts to widen its scope beyond the American market. While there has been a notable focus on the UK and European Union, including partnerships in European sports and the introduction of new offerings tailored to these markets, it seems the plans for the MENA region are taking precedence at this moment.
In addition to its expansion efforts in Dubai, there have been discussions regarding potential initiatives in Asia, with considerations for establishing a regional headquarters in Singapore, indicating a comprehensive strategy to fortify its global footprint.