Polish fintech company XTB recently acquired a 90% stake in Indonesian derivatives broker Eagel Capital Futures, showing interest in the growing Asian market. They see significant opportunities in the region and hope to become a key player in Asia.
The move comes after XTB reached the 1 million customer mark and found itself the owner of a net profit of PLN 791.3 million in 2023, representing a significant increase compared to the previous year.
The transaction was completed on January 17, 2024, having begun last year. To fully operate in Indonesia, XTB needs to obtain several additional licenses, although the broker is already subject to the supervision of the Indonesian Commodity Futures Trading Supervisory Agency (BAPPEBTI).
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Indonesia’s financial market is booming, with about 12 million investors in a country of nearly 300 million people. XTB’s entry into the Asian market is in line with its strategy, focusing on foreign exchange (FX/CFD) and equity markets with high growth potential. The company already operates in 12 countries and recently launched XTB Social in an attempt to attract new customers. The collaboration with BlackRock is also aimed at promoting passive investments such as ETFs.
