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Can you elaborate on the strategic importance of the UAE in eToro’s global expansion plans and what factors contributed to the decision to establish a presence in the region?
As a global platform with a user base from over 100 countries and offices in multiple locations, we are seeing continued growth in customer demand, which means expanding our presence in the Middle East is a natural step in our global expansion .
eToro’s long-term strategy for the Middle East is built on recognition of the region’s significant growth potential, particularly given its tech-savvy population and approach to traditional and digital assets. The Middle East, and the UAE in particular, is rapidly emerging as a hub for technology innovation and financial services, which aligns perfectly with our mission to make trading and investing accessible to everyone.
Entering the UAE is a multi-year project for eToro and a logical step for us as the UAE has developed into a renowned global financial center and a bridge between East and West.
We found that Abu Dhabi offers a supportive business ecosystem for financial services companies such as eToro, and the fertile investment environment will undoubtedly lead to opportunities, partnerships and potential collaborations.
With the recent financial services license from the Abu Dhabi International Financial Center, what are the opportunities for you in the region?
Abu Dhabi’s status as a financial center has expanded significantly over the years, and the leadership’s vision is to strengthen its position as a capital capital, and key to this growth is the Abu Dhabi Global Market (ADGM). You’ve seen global businesses across a variety of financial services verticals operating here and it’s great that we are now part of this thriving ecosystem.
For eToro, it allows us to operate and offer multi-asset products in a highly regulated and respected environment. We can grow our community when it comes to social trading and copy-trading features for various assets (securities, derivatives and cryptoassets).
In addition to our new license and growing local team, we look forward to working closely with local authorities and the financial community and further customizing our products to meet the preferences of retail investors in the UAE.
To what extent has the UAE’s regulatory environment and the country’s digital-first approach fostered fintech innovation? How does it contribute to the company’s growth strategy?
There is a remarkable interconnectedness and collaborative spirit across the UAE. It transcends individual cities, creating a business environment that supports financial progress and democratization. We view the UAE’s regulatory environment and support for fintech innovation as favorable factors in our opportunities for growth and further expansion in the Middle East.
How do companies respond to the dynamic challenges and opportunities presented by the coexistence of traditional financial markets and the emerging cryptocurrency and blockchain space?
We create a community where users can connect, share and learn, especially to help novice investors navigate market fluctuations. Our users benefit from learning from each other, allowing them to adapt to changes in traditional and crypto markets.
To further help our users cope with various market conditions, we have established eToro Academy, a free educational platform available in 10 languages, including Arabic. This resource is available to the public and is designed to enhance their financial literacy.
Ultimately, we believe in the importance of diversification, which is why we built our multi-asset platform. On our platform, users can hold traditional assets such as stocks, currencies or commodities, as well as digital assets such as cryptocurrencies.
We have integrated artificial intelligence enhancements into elements of the services offered on our platform, from customer service to thematic intelligence portfolios. This diversity allows users to choose products that suit their investment goals and risk appetite.
How do you plan to engage with local financial institutions and regulators in the UAE?
With over 34 million registered users from over 100 countries, eToro has a history of working with local regulators and communities. In the UAE, we aim to leverage our global markets and investment expertise to increase opportunities for investors of all levels.
We prioritize compliance with and timely updating of local, regional and international regulations. This commitment is reflected in our developing relationships with the Abu Dhabi International Financial Center and the Financial Services Supervisory Authority.
We are willing to participate in regulatory “sandbox” activities to test new products or services in a controlled environment. Additionally, we look forward to contributing to the FSRA’s discussions on the regulatory framework for crypto-assets and financial services, providing our insights to help shape regulations that balance the needs for consumer protection and innovation.
We will work with local fintech hubs in the UAE to leverage local expertise and market insights and open the door to potential growth opportunities. We are keen to explore joint initiatives or partnerships focused on developing new technologies, exploring novel applications or enhancing financial services.
Read: Dubai FinTech Summit 2024: Promoting MEASA Financial Ecosystem
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