Malaysia, 14th March 2024 - XS.com, the leading FinTech and financial services provider, has expanded its presence into new regulated jurisdictions through the recent acquisition of a Labuan licensed Money Broker.
This strategic move marks a significant milestone for XS.com, granting the global multi-asset broker a licensed entity in Malaysia's Federal Territory of Labuan, operating under the new name "XS Finance".
With this acquisition, XS.com is poised to offer regulated tier-1 FX liquidity to its clientele worldwide, demonstrating its commitment to meeting the evolving needs of the financial market.
The Labuan license positions XS Finance Ltd as a licensed Money Broking entity regulated by the Labuan International Business and Financial Centre (Labuan IBFC) under its statutory body Labuan Financial Services Authority (Labuan FSA), with license number MB/21/0081. Mohamad Ibrahim, the Group Chief Executive Officer at XS.com, commented on the expansion:
"We are excited about the expansion of our services into the Labuan jurisdiction. This move aligns with our core principles of prioritizing regulatory compliance and delivering exceptional service, values that have been integral to XS.com since our inception in Australia in 2010. We believe that 'XS Finance' will play a crucial role in serving our clients and contributing to the growth of the Asian market."
Labuan Financial Services Authority (Labuan FSA) was established on 15 February 1996 under the Labuan Financial Services Authority Act 1996, governed by the Ministry of Finance (MOF), Malaysia. Labuan FSA is the statutory body responsible for the supervision, development and administration of the Labuan International Business and Financial Centre (Labuan IBFC).
Licensed Labuan money brokers are authorized to act as intermediaries to bring together and match clients with their counterparties in money or foreign exchange markets. XS Company Review The XS Group (operating under brand name “XS” or “XS.com”) is a Global Multi-Asset Broker providing access to trade a wide range of financial products.
Established in Australia in 2010, XS.com has grown into a global market leader in the FinTech, financial services and online trading industry with licenses in various jurisdictions and offices in different locations around the globe.
XS.com offers traders, institutional investors and brokers worldwide access to deep institutional liquidity and advanced trading technology, combined with an efficient user experience, high-quality relationship management and excellent customer support. Risk Warning: Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved.
