Home Opinion Press Releases Admirals awarded an ODP license in South Africa

Admirals awarded an ODP license in South Africa

0
Capture
Admirals

Global fintech company Admirals has been awarded an Over-the-Counter Derivative Product (ODP) license by South Africa’s financial services market conduct regulator, the Financial Sector Conduct Authority (FSCA).

Adding to Admirals’ existing license under the Financial Advisory & Intermediary Service Act (FAIS), the ODP license confirms that the company is now authorised to market and contract derivative trading products to South Africans.

An ODP license is only granted by the FSCA once stringent application requirements have been met. As a licensed ODP provider, Admirals is bound by rigorous ongoing reporting obligations, which means clients can be assured of Admirals’ commitment to continuous trading support and client education on the risks inherent in trading products.

Admirals was officially granted its ODP license on 20 September this year, within 10 months of submitting its application to the FSCA in November 2022. The Group is now licensed and regulated by eight leading financial authorities in Europe, Canada, Australia, and Africa, underscoring its commitment to global best practice standards in terms of security, transparency, and financial strength.

The company first entered the African market in 2021 and relocated its South African office to Cape Town in July 2022. This was followed by the opening of its Lagos office in Nigeria in April 2023. Elsewhere in Africa, Admirals is licensed as a non-dealing online forex trading broker by the Kenya Capital Markets Authority (CMA), and a licensed and regulated securities dealer by the Financial Services Authority of Seychelles.

Boriss Gubaidulin, Admirals Group director for the African region, says the advent of fintech and the widespread adoption of digital technology by a younger, tech-savvy generation, spurred significant interest in online trading in South Africa and the wider African continent. “Admirals is thrilled to have received its ODP license in South Africa. We hold this in high regard and view it as a significant endorsement of our expertise as a credible and reputable fintech company and global online trading provider. We are excited to support and further develop South Africa’s growing online trading community through our local presence.”

The proliferation of fintech and the rise of neo brokers, coupled with AI as a potentially powerful ally, added a new and enabling dimension to the way in which consumers engage with their finances. User-friendly, mobile platforms are empowering consumers to take control of their financial wellbeing, while app-based interfaces provide easy access to streamlined, transparent transactions and trading experiences.

Gubaidulin says this bodes well for the advancement of financial inclusion and financial empowerment. “However, herein also lies a challenge that requires a deep commitment from all stakeholders across the digital financial landscape to ensure the longevity of the industry.”

“Sustainable financial inclusion can only be achieved if it’s built on a solid foundation of knowledge, and a deep understanding of the underlying principles to achieve financial independence. Financial education is therefore paramount. Knowledge-sharing and ongoing support and skills development should be prioritised by every fintech service provider that wishes to establish itself as a credible, long-term market player.”

Admirals is heavily invested in the development and provision of a wide range of educational material, such as online courses, webinars, seminars, e-books, and other educational resources created by trading industry professionals. Admirals’ learning materials are currently available in 15 languages.

Gubaidulin continues, “The financial world can be daunting. The lack of knowledge, coupled with general misconceptions about the skills and resources required to enter the online trading market, remains a huge barrier to entry. Therefore, we regard education, ongoing trader support and skills development as the backbone of our business.”

“We look forward to empowering South Africans with the right knowledge, skills and confidence to take their first steps towards financial freedom, while remaining aware of the importance to protect themselves from excessive risk-taking,” Gubaidulin concluded.

Admirals was founded in Estonia in 2001 as a forex and CFD trading provider. Over the past 22 years, the group expanded both in reach and scope, positioning itself as one of the most recognised online trading and investing brands globally, known for its superior suite of financial education resources and regional client support. Currently, Admirals supports over 65,000 clients in 176 countries.

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News

NO COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

error: Content is protected !!
WP Radio
WP Radio
OFFLINE LIVE
Exit mobile version