Hong Kong based Retail FX brokerage firm MultiBank Group has announced that its Australia based subsidiary, MEX Australia Pty Ltd, has secured a strategic commercial license from the Dubai Financial Services Authority (DFSA).
The UAE has been an increasingly popular destination and base for global forex brokers looking to expand operations into the greater MENA and Arabic-speaking markets. Other recent license recipients in the region we’ve reported on include GO Markets, TeraFX, and Pepperstone.
The new DFSA license, which will allow MultiBank to operate from the Dubai International Financial Centre (DIFC) hub, is in addition to the group’s existing licensed subsidiaries and operations in Australia where MEX Australia Pty Ltd holds an ASIC AFS license, BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the British Virgin Islands and CIMA in the Cayman Islands.
With the opening of the new office in the DIFC, the MultiBank Group said it now operates through 21 offices in 5 continents.
The MultiBank Group claims annual turnover of over US$ 1.9 Trillion (i.e. average monthly trading volumes of $150-160 billion), and Gross Profit of US$85.6 million in 2019, facilitating over 90,000 trades per day and services over 280,000 customers worldwide.
Naser Taher, Chairman of MultiBank Group, said:
“The DFSA license marks yet another momentous occasion for MultiBank Group and is a testament to the strength of our group and commitment to the MENA region. The DFSA approval underscores our dedication to continue to provide our retail and institutional clients with world class services and the highest level of security of funds”.
Courtney Fitzsimmons, CEO of MEX Australia Pty Ltd, added:
“We have thoroughly enjoyed working with the DFSA throughout this process and proudly take a position here in the DIFC. In this evolving market we are thrilled to add to our regulatory arsenal, and look forward to making our mark in Dubai.”