Estonia-based fintech firm Admirals enters SA
Boriss Gubaidulin, director of Admirals Group Africa.
Estonia-based global fintech firm Admirals Group has entered the South African market, having obtained local regulatory approval as a financial services provider from the Financial Sector Conduct Authority.
Admirals secured its licensing and formal registration as an authorized financial services provider (FSP51311) last year.
The fintech firm, which has representative offices in 18 countries, is an online trading platform for foreign exchange, contracts for difference (CFD) and foreign exchange transactions.
In SA, Admirals holds a category 1 financial advisory and intermediary licence, which now allows it to offer tradable CFDs, which include cryptocurrencies and foreign exchange trading.
The company says local trading clients “will benefit from its trade analysis, global market updates and calendar of global economic events likely to affect underlying economies and generate price movements”.
In addition, it says Admirals SA provides traders with educational resources and courses created by professional traders to empower clients to make informed decisions, with access to a library of financial expertise at any time.
Established in 2001, Admirals has grown from a small Estonian-based forex and CFD brokerage to a global online financial hub. It is now regulated in seven jurisdictions worldwide, and supports over 200,000 customers in more than 180 countries.
Admirals CEO Sergei Bogatenkov says: “Establishing our presence in this emerging market and developing economy supports our current expansion strategy. It is an exciting and giant step towards strengthening the Admirals brand as a top international financial trading hub.”
The Admirals SA office is located at the V&A Waterfront in Cape Town. The group will expand its employee workforce across the large centers around the country.
Boriss Gubaidulin, Admirals Group Director for the African Region, comments: “We are ready to introduce Admirals’ trading experience to South African online traders and investors. We look forward to providing access and support to our range of tradable products The MetaTrader4 and MetaTrarde5 trading platforms.
“We hope to expand the scope of traditional trading and investment services as we look to expand our offering to include more diverse financial products and services to increase financial inclusion and financial literacy, particularly in developing economies on the African continent.”
