FNG Exclusive… FNG has learned that leading US neobroker Robinhood Markets Inc (NASDAQ:HOOD) is embarking on the next stage of its international expansion plan, establishing infrastructure and hiring for the opening of an operation in Dubai in the coming months.

We expect Robinhood to make a formal announcement regarding its plans for Dubai and the MENA region in the coming weeks.

Robinhood DFSA license

Robinhood has apparently applied for a Category 4 License from regulator Dubai Financial Services Authority (DFSA), which when received will allow the broker to begin taking on clients in the UAE and the greater MENA region, from offices in Dubai’s special economic zone, the Dubai International Financial Centre (DIFC).

MENA hire

To support its Dubai business, Robinhood has hired experienced FX and CFDs industry executive Mario Camara in Dubai, with the title Senior Executive Officer of the new Robinhood MENA operation. Mario Camara worked for six years at leading MENA region based online broker Equiti Group, as Senior Vice President of Licensing & Government Relations, before leaving Equiti late last year. He had also previously worked for two years (2016-2018) for Copenhagen based Saxo Bank, as Senior Executive Officer, DIFC – MD MENA Region.

Robinhood international expansion

Robinhood has been actively making moves to expand outside the US in recent months, but most of its public efforts have been focused on the UK and EU. Robinhood recently made its first foray into European football (a favorite of online brokers in Europe), becoming front-of-shirt sponsor for OGC Nice. The move follows the recent introduction by Robinhood of a suite of new products targeting EU customers such as US stock and ETF tokens and perpetual futures. In May, Robinhood released its Legend desktop trading platform in the UK.

And late last year, Robinhood outlined plans to expand in Asia, with regional headquarters based in Singapore.

However it looks like its plans for Dubai and the MENA region, which the company has been fairly silent about to date, might be accelerating and taking shape faster than in other areas.