Zenfinex, a London-headquartered FX and CFDs dealer, has gained a Dubai Monetary Companies Authority (DFSA) license to develop its providers within the Center East and North Africa (MENA) area, Finance Magnates discovered completely.
“Zenfinex’s DFSA license will permit us to develop our skilled and institutional choices throughout the MENA area and cater to our development technique to be one of many main suppliers within the area,” Zenfinex’s MENA CEO, Michel Chabbouh stated.
The brand new license got here after the dealer expanded into Sierra Leone by buying Stochastic Africa, regulated by the central financial institution of Sierra Leone, and rebranded the corporate to Zenfinex Africa. Earlier this yr, it additionally acquired a license from the regulator of Seychelles.
Changing into a International Dealer
Established in 2017, the corporate is now regulated in 4 jurisdictions: the Monetary Conduct Authority (FCA ) within the UK, DFSA in Dubai, the Monetary Companies Authority (FSA) in Seychelles, and the central financial institution of Sierra Leone.
Zenfinex was initially arrange as a boutique dealer however shouldn’t be increasing to develop into a worldwide model. Now, all of the regulatory licenses will make sure the dealer’s ambitions to be absolutely operational in Asia, Africa, GCC, LATAM, and the UK throughout 2022.
“2022 has been a continuation of our centered efforts to construct a strong basis and infrastructure for longer-term scalability and development,” stated Nick Cooke, Zenfinex’s founder and now a board member.
“Our key areas of focus have been to construct a first-class international staff, a diversified product suite with over 1000+ devices, a worldwide regulatory presence, and to proceed constructing proprietary know-how merchandise to attraction to a mass viewers globally. 2023 shall be closely centered on shopper acquisition as we enter the subsequent section of our development, constructing on these sturdy foundations we’ve put in place.”
Aside from the licenses, the corporate onboarded a couple of high administration executives: Alexander Kritiotis as Chief Working Officer, Zahid Mahmood as Chief Threat Officer, and Joe Tom Nyama because the Head of Africa. It additionally strengthened MENA staff by not too long ago hiring Christelle Haddad because the Head of Buyer Assist for the area. Now, it has about 100 workers with a couple of extra hires within the pipeline.
The income of the dealer additionally jumped by 1,281 % in 2021. Nevertheless, its losses mounted to £1.7 million as a consequence of an elevated administrative prices, largely as a result of it has “invested in individuals and infrastructure to help future development.”
Zenfinex, a London-headquartered FX and CFDs dealer, has gained a Dubai Monetary Companies Authority (DFSA) license to develop its providers within the Center East and North Africa (MENA) area, Finance Magnates discovered completely.
“Zenfinex’s DFSA license will permit us to develop our skilled and institutional choices throughout the MENA area and cater to our development technique to be one of many main suppliers within the area,” Zenfinex’s MENA CEO, Michel Chabbouh stated.
The brand new license got here after the dealer expanded into Sierra Leone by buying Stochastic Africa, regulated by the central financial institution of Sierra Leone, and rebranded the corporate to Zenfinex Africa. Earlier this yr, it additionally acquired a license from the regulator of Seychelles.
Changing into a International Dealer
Established in 2017, the corporate is now regulated in 4 jurisdictions: the Monetary Conduct Authority (FCA ) within the UK, DFSA in Dubai, the Monetary Companies Authority (FSA) in Seychelles, and the central financial institution of Sierra Leone.
Zenfinex was initially arrange as a boutique dealer however shouldn’t be increasing to develop into a worldwide model. Now, all of the regulatory licenses will make sure the dealer’s ambitions to be absolutely operational in Asia, Africa, GCC, LATAM, and the UK throughout 2022.
“2022 has been a continuation of our centered efforts to construct a strong basis and infrastructure for longer-term scalability and development,” stated Nick Cooke, Zenfinex’s founder and now a board member.
“Our key areas of focus have been to construct a first-class international staff, a diversified product suite with over 1000+ devices, a worldwide regulatory presence, and to proceed constructing proprietary know-how merchandise to attraction to a mass viewers globally. 2023 shall be closely centered on shopper acquisition as we enter the subsequent section of our development, constructing on these sturdy foundations we’ve put in place.”
Aside from the licenses, the corporate onboarded a couple of high administration executives: Alexander Kritiotis as Chief Working Officer, Zahid Mahmood as Chief Threat Officer, and Joe Tom Nyama because the Head of Africa. It additionally strengthened MENA staff by not too long ago hiring Christelle Haddad because the Head of Buyer Assist for the area. Now, it has about 100 workers with a couple of extra hires within the pipeline.
The income of the dealer additionally jumped by 1,281 % in 2021. Nevertheless, its losses mounted to £1.7 million as a consequence of an elevated administrative prices, largely as a result of it has “invested in individuals and infrastructure to help future development.”
