CFD broker Plus500 Ltd (LON:PLUS) has announced that the Financial Services Board (FSB) of South Africa has granted Plus500 a licence to operate as an Authorised Financial Service Provider in South Africa through a newly created subsidiary Plus500SA Pty Ltd.
This follows our report last year February that the FSB had granted Plus500AU Pty Ltd., the company’s Australian operating subsidiary, a licence to operate an online trading platform for customers to trade CFDs in South Africa under FSP #47546.
The new license will enable Plus500 to now build a fully staffed operation in South Africa, taking advantage of the local pool of talented professional staff.
The company stated that the new licence further demonstrates the scalability of Plus500’s platform, as well as the further geographical diversification of its business, adding to the Company’s existing jurisdictions in UK, Australia, Cyprus, New Zealand, Israel and Singapore.
Asaf Elimelech, Chief Executive of Plus500 said:
We are pleased that the FSB has granted us this licence which will enable us to grow our global customer base further. We continue to identify opportunities to add new licences in order to expand globally and diversify our geographical revenues.