Exclusive: ZenFinex Gains Seychelles License, Aims Global Expansion

ZenFinex, a London-headquartered forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker, has received a license from the regulator of Seychelles and is now ready to make a mark on the global map, Finance Magnates has learned.

The Financial Services Authority Seychelles (FSA) granted the new license to the local entity of Zenfinex that is registered as Zenfinex Global Limited.

Till now the broker was only operating with a UK license obtained from the Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), making the Seychelles approval second in its license arsenal. Additionally, the broker is seeking approval from Dubai Financial Services Authority (DFSA), but that has not been granted yet.

The London-headquartered broker is aiming to launch services under the new license in April. Though it has obtained the Seychelles license earlier this year, it needed time to complete formalities with banking, PSPs and KYC processes for the launch.

Aiming for the Global Market

Nick Cooke, ZenFinex’s Founder and a Board Member, told Finance Magnates that the broker will target Asia, Africa and other parts of the world with its Seychelles license.

“Our focus has been expanding into multiple regions throughout 2021 in preparation for a global approach with multiple global licenses,” Cooke said. “In 2022, we will be operational in Asia, Africa, GCC, LATAM and the UK with local offices in 8 countries strategically chosen to service each region and language.”

Established in 2017, ZenFinex has been preparing for its international expansion for a while now. It has already opened a couple of Asian offices earlier this year and is specifically looking to tap the growing markets of Southeast Asia.

“Our FCA headquarters remain in London, while we also have offices opening in Colombia, Vietnam and the UAE relatively soon,” Cooke added.