On Thursday, Kenya’s Capital Markets Authority (CMA) granted a license to Estonia-based Admirals – a non-dealing online forex trading broker. It is an incredible leap forward in global financial technology and marks yet another success for Kenya!
Admirals is confident that gaining this license will pave the way for further expansion in Africa, granting access to an exceedingly regulated market.
After the Financial Sector Conduct Authority licensed Admirals SA (Pty) Limited to offer Contracts for Difference and stock trading within South Africa, Admirals Groups AS established an office in Cape Town to broaden its clientele base throughout Africa. This monumental move came six months after their initial licensing.
Unveiling its first African hub, Admirals emphasized their intent to extend and take root in the region through a prior statement.
Admirals and Seychelles Subsidiary
On Thursday, the company publicly informed their shareholders that their Cypriot and South African arms had collaborated to take over Aglobe Investments Limited.
The company’s website outlines that Aglobe Investments Limited is their subsidiary, regulated by the Financial Services Authority of Seychelles. The regulatory body ensures that all transactions are secure and follow legal standards.
Making trading easier and more efficient, Admirals recently partnered with TipTanks. As one of the premier financial big data firms in the business, Tip Tanks provides retail investors access to top-notch research tools and data that would typically only be available to institutional traders.
Admirals is delighted to announce their new partnership, allowing traders to access analyst rating reviews and stock price estimates directly through their website and mobile app. By providing this information at a glance, Admirals makes it easier than ever before for people researching investments to make informed decisions based on data-driven insights.
Recently Admirals Group’s annual revenue plummeted by a staggering 43%, dropping from €62.2 million to €35.7 million due to COVID-19 market volatility waning away. The Group’s net trading income also declined drastically, reaching an all-time low of -43%. It is a stark difference compared to the same period in 2020, when its profits were at their highest peak.
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