Admirals obtains a license in Kenya and intends to take over in Seychelles.
Six months ago, Admirals received a South African license. The company’s South African and Cypriot companies are involved in the takeover of the Seychelles.
Admirals, based in Estonia, has been granted a license by Kenya’s Capital Markets Authority (CMA) to operate as a non-dealing online forex trading broker in the East African nation. On Thursday, the multinational financial technology corporation made the announcement.
Admirals stated in a statement that it hoped obtaining this license would contribute to enhance economic development in Africa and provide access to a tightly regulated market.
The latest license comes six months after Adimrals SA (Pty) Limited was granted permission by South Africa’s Financial Sector Conduct Authority (FSCA) to offer share trading options and contracts for difference (CFD) execution.
As part of its efforts to increase the number of its clients in Africa, Admirals Groups AS also launched a new office in Cape Town.
According to a prior statement from the firm, “Establishing its first center in Africa, Admirals wants to further develop up its strong footprint across the continent.”
Subsidiary of Admirals and Seychelles
Admirals announced on Thursday that its companies in South Africa and Cyprus had signed a contract to jointly acquire Aglobe Investments Limited. Information on Admirals’ website reveals that the business is a Seychelles-based subsidiary. The Financial Services Authority of Seychelles has Aglobe Investments Limited under its regulatory control as a securities dealer.
Admirals and TipTanks recently collaborated to enhance traders’ research skills. Retail investors can access institutional-grade research tools and data through TipTanks, a leading provider of large financial data.
The firms said in a statement announcing the agreement that “traders utilizing Admirals’ website and mobile app can now access the analyst rating consensus and price targets of the equities they are examining, making it easier for them to develop data-driven decisions.”
As the effects of the COVID-19-induced market volatility subsided, Admirals Group reported a -43% reduction in its yearly revenue for 2021. The Group’s net trading income decreased by -43% to €35.7 million from €62.2 million the year before.
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