CFI Taps AK Financial in Kuwait for Expansion in MENA Region

CFI Financial Group, a multi-asset brokerage firm, has partnered
with AK Financial in Kuwait as part of its expansion in the Middle East and
North Africa (MENA) region. Through the partnership, the company would offer
online trading in forex, stocks, indices, commodities, and ETFs.

The broker is also
planning to provide market and trading insights, including daily
reports, market news, trading webinars, and seminars, according to a statement issued today (Thursday). Additionally, CFI Financial has promised its Kuwaiti
clientele competitive spreads and commissions and faster execution of transactions.

Commenting about the
partnership, CFI Financials’ Co-Founder and Managing Director, Hisham Mansour,
said: “It aligns with our vision of expanding our footprint in the MENA
region and catering to the evolving needs of traders in Kuwait. We are
confident that our partnership with AK Financial will be instrumental in
delivering a seamless and rewarding trading experience with a local touch.”

CFI Financial is not the
only company eying the region. In April, CMC Markets Connect told Finance
Magnates that it was expanding
operations in the
United Arab Emirates (UAE) by upgrading its office in Dubai. On top of that, the UK-based firm disclosed plans to introduce a cash equities product suite for its
institutional clients.

Similarly, the forex and
contract for differences (CFDs) broker, ATFX acquired a license
in the UAE this month. The Category-Five license, which was awarded by the country’s Securities and Commodities
Authority (SCA), allows the broker to provide financial consultations to
clients in the region.

Also expanding operations
in the MENA is TradingView. The charting and social network has entered into
a data-sharing
partnership with Boursa
Kuwait, the operator of the Kuwait Stock Exchange. The collaboration will allow
the US-based company to open up data to the Kuwaiti capital market, the company
said.

Why MENA?

MENA is becoming an
important market for retail brokers with a conducive environment for the growth
of local companies and support for the foreign entities entering the region,
according to Mansour, who recently spoke to Finance Magnates.

“With a population
exceeding 500 million people across the Middle East and North Africa, the
demand for market access and online trading has risen substantially and is
expected to continue in this direction,” he said. “The growth is also
driven by a large and young population, abundant resources, technological advancements,
and a growing tourism industry.”