Polish brokerage XTB is looking to expand its financial services to new markets, including those in Asia. The company said it has acquired a 90% stake in an Indonesian derivatives broker, which will allow it to enter the country's market.
XTB confirmed the deal to buy Indonesian regulated broker Eagel Capital Futures, which is operated by PT Rajawali Kapital Berjangka.
After obtaining a license from the Indonesian Commodity Futures Trading Supervisory Agency (BAPPEBTI), broker XTB intends to expand its footprint and offer services to traders in Indonesia. According to XTB, the move could be a "gateway to Asia" for the broker, as well as a base for expansion in this part of the world.
XTB has previously been licensed by reputable regulators, including the Financial Conduct Authority (FCA) in the UK, the Polish Financial Supervision Authority (KNF), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC) in Belize. Confidence in the company has attracted more than 1 million retail clients to its client base, XTB said in its recently released 2023 report.
According to TradingView, the company plans to continue its success in attracting new clients, reaching wider markets and intends to grow more dynamically in the near future.
The acquisition process of the Indonesian regulated company was initiated in 2023. On January 17, 2024, XTB completed the acquisition of a 90% stake in the derivatives brokerage brand Eagel Capital Futures, managed by PT Rajawali Kapital Berjangka.
Commenting on the deal, XTB said, "We are looking to expand our presence in non-European markets, namely Latin America, Asia, and Africa, so this was a natural step towards achieving our goal."
Although Eagel Capital Futures is regulated in Indonesia, XTB will need to obtain licenses to operate in the market before operating through this company.
"Expanding into the Indonesian market will require additional integration to ensure local investors receive the best possible solutions," XTB commented.
The Indonesian market has seen a sharp increase in the number of active retail investors in recent years. With a population of 300 million, nearly 12 million use brokerage firms and trade actively. Therefore, XTB believes that "Indonesia can be the gateway to Asia."
XTB now has offices in Spain, Poland, and the United Kingdom, where the broker is licensed and regulated by the National Commissions for Financial Supervision. XTB has focused on working primarily with European investors. It has received several significant awards, including the "Best Broker in Europe" award from Global Banking & Finance Review and the "Best Finance Educator" award from World Finance Exchange & Brokers.
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