Webull has expanded its footprint into the Indonesian market, aiming to tap into the growing number of investors in the region. Over the past seven years, the trading platform has extended its global reach, venturing into Singapore, Australia, South Africa, the United Kingdom, and Japan.
Bernard Teo, the Head of Asia-Pacific at Webull, stated: "Our entry into the Indonesian market follows the successful launches of the Webull application in the last two years in Singapore, Australia, South Africa, the United Kingdom, and Japan. Despite the differing needs and preferences in each country, we are confident in the significant potential of Indonesia."
Webull Continues Global Expansion
In July, Webull expanded its operations to the United Kingdom under the Financial Conduct Authority. The US-based retail trading platform currently offers US-listed equities and fractional shares through its Webull app to users based in the UK.
During the launch of its services, Anthony Denier, the CEO of Webull, expressed confidence in the potential of the UK market. He hinted at further product offerings tailored to British clients.
Besides that, Webull expanded its operations in the Asia Pacific region after launching its retail brokerage services in Australia last year. This marked Webull's third market launch in the APAC region, following successful expansion into Hong Kong and Singapore.
Webull Targets Traders with Low-Commission Trading
Webull's entry into the Australian market was made possible by its acquisition of the Australian Financial Services license via its subsidiary, Webull Securities (Australia) Pty. Limited, seven months prior. This license empowered the firm to introduce Australians to the platform's low-commission trading and digital investment opportunities.
Since its introduction to the United States in 2018, Webull has broadened its offerings by forging strategic partnerships. In the US, it joined forces with Apex Crypto LLC to provide cryptocurrency trading capabilities. Furthermore, the platform collaborated with Cboe Global Markets to offer fresh trading options for its US user base.
However, its global expansion has not been without challenges. The Financial Industry Regulatory Authority levied a substantial fine of $3 million on Webull in March for a significant oversight of its operations. The regulator alleged that Webull accepted unqualified options traders between December 2019 and July 2021.
