Online financial services provider XS.com has moved to strengthen its presence in Africa with the strategic acquisition of South African brokerage firm Ubutyebi Financial Services.
In a statement, XS.com announced it had established a new entity called “XS ZA” in South Africa after acquiring Ubutyebi, which holds a license from the country’s Financial Sector Conduct Authority (FSCA). XS ZA will be authorized to offer retail and institutional clients a diverse range of assets like forex, commodities and cryptocurrencies within South Africa and other African markets.
Wael Hammad, Group Chief Commercial Officer at XS.com, said the deal sets the company on a significant growth path across the continent, particularly in the sizable South African market. This acquisition opens new opportunities and reinforces our position as a global leader.
Fabian Frants, XS.com’s Business Development Director for South Africa and Director of XS ZA, commented that the deal “solidifies our dedication to advancing financial services in South Africa and beyond.” He noted XS ZA will be able to tailor offerings to meet the unique needs of clients in Africa.
The acquisition comes after XS.com strengthened its local team in July with the hiring of experienced marketing executive Mabyanine Phiri. His expertise in areas like digital strategy, marketing management and SEO is expected to aid the company’s expansion drive.
XS.com now joins the ranks of international brokers regulated to operate in South Africa’s tightly-controlled online trading landscape, which is overseen by the powerful FSCA regulator. With its new licensed entity and experienced hires, the firm appears well-placed to tap deeper into Africa’s rising fintech and investment sectors.
