Swissquote Bank MEA LTD.(SQM) a Dubai-based bank and subsidiary of Swissquote Bank SA.(SQB), announced that it has been granted a category 4 license from the Dubai Financial Services Authority (DFSA), and Swissquote Bank SA Central Bank Representative Office License.
Swissquote Bank now operates two offices in Dubai and intends to increase its total staff numbers from 20 to 25 in the coming months.
Commenting on the bank's expansion into the region, Mario Camara, CEO of Swissquote Bank MEA Ltd. said: "We are really honoured to have successfully fulfilled all the requirements by the DFSA and the UAE Central Bank in order to conduct our financial services through the DIFC. We aim to provide the entire range of our exclusive Swissquote banking services in the Middle East.
Through the acquisition of ACM ME DMCC, ranked as a FX pioneer, and the gaining of these banking licenses, we are strengthening our presence in one of the fastest growing regions in the world. The ongoing economic boom in the region has resulted in exceptional business opportunities and increase of the expatriates who are in need of advanced and innovative financial solutions."