XGLOBAL enters South Africa FX/CFD market acquiring 98 Degrees

Samir Dbouk, CEO and major shareholder of XGLOBAL Group :

”We have been looking into expanding our presence in the African continent for some time. We partnered up with 98 Degrees, and we agreed that XGLOBAL Africa would be a good name that reflects our interest in that region. We have added payment gateways to support that endeavour and remain optimistic that we can bring good change to the way brokers offer services in that region.”

It was reported the decision to move into the South Africa market was taken mid 2021 following XGLOBAL’s assessment of local brokerage facilities within Africa, as well as the demand and characteristics of the local markets. XGLOBAL took the route of acquiring part of an established local firm with the necessary licenses in place, which has provided a fast route to market while arming the group with an existing local team.

Samer Sader, Founder & Chairman of 98 Degrees group of companies :

”Through our vast knowledge and expertise of the South African financial services industry, gained over the last twenty years, we aim to deliver industry leading and bespoke service to our X Global Africa clients. Our ability to achieve this is amplified and enhanced by our professional team and as a result of our strategic alliance and partnership with the XGLOBAL Companies.”

This news comes when other major FX & CFD brokers have struggled to acquire licenses within South Africa, so XGLOBAL appear to have done well to be up and running in under a year through acquisition.

Hadi Zaarour, Chief Operations Office & Head of Compliance & AML, XGLOBAL Markets :

”With our expansion into South Africa, we are laying a steppingstone into all of Africa, and with that we are strengthening our service and extending it to as many clients as possible. Our operation in South Africa has been structured in a similar way to our European operations, and we have adapted all compliance procedures to be compatible with the new jurisdictions in which we are now operating in. At XGLOBAL our highest priority remains ensuring we are compliant with global financial regulation and AML directives. Furthermore, with our expansion into this young region we are saying that we will continue in our strive to provide the best services to traders from all over the world.”

A number of job posts can be found online showing XGLOBAL is currently hiring in the region, showing they are expanding the client services department in Johannesburg.

Alexander Eliades, Head of Marketing, XGLOBAL Markets :

”Our marketing strategy for the region is based on what we have learned over the years and more recently about the local audience in and around South Africa. We found a vast amount of interest from newcomers in the region that want to learn how to trade and we found there is a lack of quality resources on offer for them to get started in the right way. Therefore, our goal is to provide localized professional services and research tools for free, alongside brokerage facilities. This will include offering learning material and training through physical seminars, webinars and learning management systems. In a nutshell, our goal is to offer clients anything we can to support their trading aspirations.”

The company have announced that brokerage services are now available in the region, and the roll-out of marketing, learning and localized support services will commence in Q1 2022.