Polish fintech leader XTB has obtained two new international licenses, paving the way for operational expansion into Indonesia and bolstering its footprint in the Middle East.
XTB is one of Europe’s leading investment applications and has ambitious global plans that extend beyond European markets to include the Middle East, South America, and Asia. Securing these two new licenses represents a significant step toward realizing its international growth strategy.
Entry into Indonesia Draws Closer
XTB announced its plans to enter the Indonesian market in early 2024. In December, its subsidiary, XTB Indonesia Berjangka, received a PALN license from Indonesia’s financial regulator, Bappebti. This license will enable Indonesian residents to access investments in stocks and ETFs offered by XTB.
Omar Arnaout, CEO of XTB, commented:
“This license significantly advances our plans to begin operations in Indonesia. The past few months have been intensive, involving substantial organizational, regulatory, and technological efforts to prepare for this promising market. We estimate that we will be able to launch operations there in the first half of 2025.”
Strengthening Presence in the Middle East
In late December, XTB also secured a Securities and Commodities Authority (SCA) license in the United Arab Emirates. The category 5 license will allow the company to enhance cost and operational efficiency, expand services for clients in the region, and increase staffing levels, including opening a new office outside Dubai’s special economic zone. Notably, the Middle East is one of XTB’s fastest-growing regions, with operational revenues increasing by 44.7% in the third quarter of 2024 compared to the same period in the previous year.
New Products Enhance Competitive Advantage
The new international licenses cap off a busy year for XTB. In 2024, the company introduced several new products, solidifying its investment app as one of the most competitive in the market, offering a wide range of financial markets and investment options.
Looking ahead, 2025 promises to be another dynamic year for product development. In the first quarter, XTB plans to launch a virtual wallet with a multi-currency card in Poland, with additional announcements expected in the early weeks of the new year.
Source: ManagerPlus
