Admirals, a global financial technology company, says it has been licensed to provide contracts for difference (CFD) execution and share trading options in South Africa.
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As a result, the fintech firm said it has added Admirals SA (PTY) Limited, an execution dealer company, to the Admirals Groups AS.
The subsidiary, it noted, has been authorised and is to be regulated by the Financial Sector Conduct Authority, South Africas financial markets watchdog.
The fintech firm, which saw a 43% decline in its revenue in 2021, announced these on Monday in a press statement.
Admirals said it has opened an office in Cape Town, one of South Africa's three capital cities, to offer CFD services to retail and professional traders in the African country.
“Establishing its first hub in Africa, Admirals plans to further set up its strong presence in the continent,” the company said in the statement.
‘10-Year Vision’
Sergei Bogatenkov, the Chief Executive Officer (CEO) of the Admirals Group, noted that the company wants to bring its CFDs and extensive global share trading options to existing and new clients.
Bogatenkov noted that the license “signifies the conclusion of one of the key milestones in our 10-year vision.”
He added that this vision is to avail 10 million people of financial freedom by 2030.
In addition, the CEO noted that the license is part of Admirals big plan to strongly position the company in Africa.
“Today we are witnessing a rapidly evolving financial environment in Africa, which provides us with significant means to expand our client base,” Bogatenkov said.
“We see this license as a strong landmark, laying a promising ground for the success of our long-term strategy,” he added.
Admirals said it will introduce “many interesting products” in the future to Africa through the South African subsidiary.
Admirals is a Tallinn, Estonia-based trading platform for forex and CFDs across various financial markets. It was formerly known as Admiral Markets.
In March, Admirals became one of many brokerage brands trying their hands on sports sponsorship to promote their brands. The firm inked a deal with FCI Levadia Tallinn, a top-division football club in Estonia.
The company, which is listed on NASDAQ Nordic, was founded in 2001 by Alexander Tsikhilov.
NASDAQ Nordic operates marketplaces for securities in the Nordic and Baltic regions of Europe.
