MultiBank Group Gains DFSA License, Opens Office in Dubai

Retail brokerage MultiBank Group announced that it has gained a regulatory license from the Dubai Financial Services Authority (DFSA), thus making its position stronger in the Middle East and North Africa (MENA) region.

It is the seventh regulatory license obtained by the brokerage, the press release shared with Finance Magnates shows. Multibank is already licensed under the regulators in Australia, Germany, Austria, Spain, the British Virgin Islands and the Cayman Islands.

Commenting on the development, MultiBank Group chairman, Naser Taher 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.”

New Office in Dubai

The DFSA license was awarded to the Multibank Group’s subsidiary MEX Australia Pty Ltd, which has opened a new office in the Dubai International Financial Centre (DIFC). Multibank now has 21 offices across 5 continents.

MEX clients include both retail and institutional brokerages. It offers a range of trading services with foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (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 contracts for differences (CFDs). The Group highlighted that it has more than 280,000 customers globally and profited by $85.6 million last year.

“We have thoroughly enjoyed working with the DFSA throughout this process and proudly take a position here in the DIFC,” Courtney Fitzsimmons, CEO of MEX Australia, added. “In this evolving market, we are thrilled to add to our regulatory arsenal, and look forward to making our mark in Dubai.”