Zenfinex is now officially licensed in the MENA region, short for the Middle East and North Africa. According to recent developments, the FX and CFD broker has received a DFSA license, allowing it to expand its services to new regions.
Zenfinex is now able to move forward with its expansion plan after receiving the Dubai Financial Services Authority license. The online broker is currently functioning in ten countries and is regulated in four jurisdictions.
Michael Chabbouh, the MENA Chief Executive Officer of Zenfinex, said that the license will enable the platform to expand its footprints and cater to the growth strategy which strives to make it one of the leading regulated forex brokers in UAE. The development follows its acquisition of Stochastic Africa as a part of its expansion plan in Sierra Leone. It has now been rebranded as Zenfinex Africa.
Zenfinex is also subject to the following three regulations:-
- Central Bank of Sierra Leone
- Financial Conduct Authority, United Kingdom
- Financial Services Authority, Seychelles
Zenfinex was initially established in 2017 as a boutique broker. It has been quick enough to identify the opportunities for becoming the top global brand through expansion. All the licenses acquired by the online broker will now contribute to its being fully operational in Africa, Asia, LATAM, GCC, and the United Kingdom during the current year.
There could not have been a better time to talk about Zenfinex’s DFSA license as it brings to light its recent achievement of securing a license from the Seychelles. Expansion plans are working well for Zenfinex. This is evident from the fact that its revenue has gone up by 1,281% from the previous year.
There has been an increase in losses as well; however, it is primarily due to the investments made in infrastructure and people for future growth.
Nick Cooke, the Founder and Board Member of Zenfinex, highlighted that the current year was full of building long-term infrastructure and a solid foundation, adding that the next year will be all about client acquisition by appealing to a mass audience globally. The platform houses 1000+ global instruments and is backed by a global team along with a global regulatory presence.
In addition to acquiring licenses, the platform has onboarded a few executives at the top management. For instance, Alexander Kritiotis has been hired as the Chief Operating Officer, Joe Tom Nyama has been onboarded as the Head of Africa, and Zahid Mahmood has joined Zenfinex as the Chief Risk Officer.
Christelle Haddad has joined Zenfinex as the Head of Customer Support for the MENA region. The hiring process is ongoing, and more members will soon join the Zenfinex team.
With its presence in MENA firmly established, Zenfinex can now go on with its ambitions of being fully operational in the new region. Even though the next year is all about client acquisition, there is a chance that it could acquire a few more firms to further strengthen its presence in the region.