Polish fintech company XTB (WSE: XTB) has achieved significant milestones in its international expansion, securing regulatory approvals to operate in Indonesia and the United Arab Emirates (UAE). These developments mark a major step in XTB’s strategy to extend its presence beyond Europe and into Asia and the Middle East.
Licenses in Indonesia and UAE Signal Strategic Growth
XTB’s Indonesian subsidiary, XTB Indonesia Berjangka, has obtained a PALN license from the country’s regulatory authority, Bappebti. This license enables the company to offer stock and ETF investment services to Indonesian residents. Operations in Indonesia are set to launch in the first half of 2025, following months of preparation, including regulatory, technological, and organizational work.
“This license is a crucial milestone for our expansion into Indonesia,” said Omar Arnaout, CEO of XTB. He emphasized the country’s potential as a gateway to Asia, citing its large population and strategic importance. Earlier this year, XTB reinforced its commitment to the market with the acquisition of local brokerage firm Eagle Capital Futures.
In the UAE, XTB secured a Category 5 license from the Securities and Commodities Authority (SCA). This license allows the company to operate outside Dubai’s special economic zone, complementing its existing license from the Dubai Financial Services Authority (DFSA) granted in 2021. The expansion in the UAE includes enhanced service offerings and the introduction of innovative financial products.
Strong Performance in the Middle East
XTB’s efforts in the Middle East have already yielded positive results. The company reported a 44.7% year-over-year increase in operating revenue from the region during the third quarter of 2024. Earlier this year, XTB launched ETF Investment Plans in the UAE, highlighting its commitment to delivering diverse financial solutions.
Future Plans and Innovations
Looking ahead, XTB plans to introduce a virtual wallet with multi-currency card functionality in Poland in early 2025. Additional strategic announcements are expected in the first quarter of the year, further signaling the company’s ambitions for growth and innovation in global markets.
By securing these licenses, XTB is positioning itself to tap into high-potential markets, demonstrating its commitment to expanding its footprint in Asia and the Middle East.
