Abstract：Zenfinex, a London-based FX and CFDs broker, has received a license from the Dubai Financial Services Authority (DFSA) to extend its services across the Middle East and North Africa (MENA).
“Zenfinex's DFSA license will enable us to extend our professional and institutional products throughout the MENA area and cater to our development goal to be one of the region's top suppliers,” said Michel Chabbouh, Zenfinex's MENA CEO.
The broker obtained the new license after expanding into Sierra Leone by purchasing Stochastic Africa, which is authorized by the Sierra Leone central bank and renamed Zenfinex Africa. It got a license from the Seychelles authority earlier this year.
The firm, which was founded in 2017, is currently licensed in four jurisdictions: the UK's Financial Conduct Authority (FCA), Dubai's DFSA, Seychelles' Financial Services Authority (FSA), and Sierra Leone's central bank.
Zenfinex began as a boutique broker but has now grown to become a worldwide brand. All regulatory permits are now in place, ensuring the broker's objectives are to be fully operational in Asia, Africa, the GCC, LATAM, and the UK by 2022.
“2022 has been a continuation of our targeted efforts to develop a strong platform and infrastructure for longer-term scalability and growth,” stated Nick Cooke, founder and board member of Zenfinex.
“Our main priorities have been to grow a world-class global staff, a diverse product portfolio with over 1000+ instruments, a worldwide regulatory presence, and to continue developing unique technological solutions that will appeal to a global audience. As we begin the next phase of our expansion, we will be aggressively focused on customer acquisition in 2023, building on the solid foundations we have established.”
Aside from securing the licenses, the firm hired a few key individuals, including Alexander Kritiotis as Chief Operating Officer, Zahid Mahmood as Chief Risk Officer, and Joe Tom Nyama as Head of Africa. It has boosted its MENA staff by recently appointing Christelle Haddad as the region's Head of Customer Support. It now employs about 100 people, with a few more on the way.
What is DFSA License and How Does it help the Forex Brokers？
Individuals or businesses must request authorization from the DFSA in order to perform financial services in or from the Dubai International Financial Centre. The DFSA grants authorization in the form of a license, which is granted online and defines the sort of Financial Services that may be provided.
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