CFI Faucets AK Monetary in Kuwait for Growth in MENA Area

In Kuwait, AK Financial and CFI Financial Group Partner
As part of its expansion in the Centre East and North Africa (MENA) region, Kuwait-based multi-asset brokerage firm CFI Monetary Group has teamed up with AK Monetary. The corporation will offer online buying and selling of foreign exchange, equities, indices, commodities, and exchange-traded funds (ETFs) through the agreement. In addition, CFI Monetary will include daily narratives, market data, webinars and seminars on buying and selling, as well as market and buying and selling insights. Furthermore, the dealer has assured its Kuwaiti clientele of competitive commissions and spreads as well as quicker transaction processing.

Co-founder and managing director of CFI Financials, Hisham Mansour, commented on the collaboration, saying, “It fits with our goal of growing our presence in the MENA region and meeting the changing needs of traders in Kuwait.” We are sure that providing a smooth, profitable, and locally-focused trading experience will be made possible by our collaboration with AK Financial.

Not just CFI Monetary is interested in the area. CMC Markets Connect informed Finance Magnates in April that it was modernising its Dubai headquarters in order to grow operations within the United Arab Emirates (UAE). The UK-based company also revealed intentions to provide a suite of cash equity products for its institutional customers. Furthermore, this month ATFX, a foreign exchange and contract for variations (CFDs) dealer, obtained a licence in the United Arab Emirates. The Securities and Commodities Authority (SCA) of the country granted the dealer a Class-5 licence, enabling them to provide financial advice to local consumers.

TradingView is also growing in the MENA region. The social network and charting company has partnered with Boursa Kuwait, the company that runs the Kuwait Stock Exchange, to share data. According to the company, the partnership will enable the US-based corporation to share data with Kuwait’s capital market.

For what reason MENA?
According to Mansour, who recently spoke with Finance Magnates, MENA is growing in importance as a market for retail brokers because it offers a supportive atmosphere for foreign businesses looking to enter the area and a favourable climate for local enterprises to thrive.

“The Middle East and North Africa have a population of over 500 million people, so there is a significant increase in demand for market access and online trading, and this trend is expected to continue,” the speaker stated. “A large and youthful population, an abundance of resources, technological advancements, and a growing tourism industry will drive the growth.”

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