Exclusive: Admirals parent Admiral Markets AS opens a subsidiary in Jordan
FNG Exclusive… FNG has learned that Estonia based online trading and investments firm Admiral Markets AS is expanding and opening a subsidiary in Jordan. It is the implementation of the company’s long-term strategy, one of the goals of which is to continue expanding in the Middle East and North Africa (MENA) region.
The investment required to open a new subsidiary is JOD 3,280,000, or just over €4 million. The new operating company is fully regulated by the Jordan Securities Commission.
Sergei Bogatenkov, the CEO of Admiral Markets AS, participated at the visit of the official high-level Estonian business delegation to Jordan in September 2019. After successful meetings and contacts with local state representatives, the company launched a project to expand to Jordan which was finalised on June 6, 2021 when Admiral Markets was issued a license to start operations there. The company is opening a local office in Amman, Jordan, with 10 employees. At present, this is the first Estonian company establishing its long-term existence in the country and the first financial company with European origin starting its operations.
According to Bogatenkov, Jordan has exemplified a hybrid environment where strong historical and cultural pasts relating to trade and focus on economic growth mixes with a continued strive towards modernisation and alignment with European standards. At the same time it ensures that it differs from the region with its European economic and cultural essences remaining at the forefront of this evolution into a modern day hub for business.
One of the important arguments for establishing a subsidiary was Jordan’s initiative and interest in attracting foreigner companies and encouraging them to enter the local market. Jordan is known for its steady and secure financial system.
“The Middle East and North Africa region is home to 600 million people, which means a great potential for us to grow our customer base and gain a larger market share, while looking to provide the opportunity for people in the region to experience the joys of alternative financial products which we have seen take off so successfully in Europe over the last years,” said Sergei Bogatenkov, adding: “Our expansion plans are supported by the rapid development of the IT sector there.”
According to Bogatenkov, the company has been operating for 20 years, expanding its service and value offering to both customers and investors. In March, celebrating its 20th anniversary, the company announced its rebranding to Admirals, explaining that over the past two decades Admiral Markets has revolutionised trading and investing, enabling millions of satisfied individuals to structure and manage investments in a safe, secure and simplified way.
“Back in 2001, Admiral Markets was a Forex and CFD brokerage company. Today, it stands for an innovative and streamlined personal finance experience. Our goal is to offer integrated solutions for investing, paying, lending and managing money. In 10 years’ time, we want to provide financial freedom for 10 million people. The local presence in Jordan is one of the steps in implementing the long-term vision and positioning the company in new markets,” added Bogatenkov.
Although the official state language in Jordan is Arabic, for historical reasons English is also spoken.
“In Jordan, we can use our strong experience in Europe and build a new business center. Although Jordan’s neighbours are not known for their political stability, Jordan has managed to avoid conflicts. It is appropriate for us to compare this country with Switzerland,” said Bogatenkov.
Investment company Admiral Markets AS, established in Estonia, is a branch of Admiral Markets Group AS, which has the right to provide investment services under the operating license of the Estonian Financial Supervision Authority in the European Union and the European Economic Area countries. Admiral Markets Group AS is physically represented in 20 countries through its regulated trading companies with a customer portfolio covering over 145 countries.