Naser Taher, the Founder and Chairman of MultiBank Group, a prominent financial derivatives provider, has outlined plans to broaden the company's international footprint and introduce new products by 2025. "2023 marked our most prosperous financial year yet, with an unprecedented revenue of $306,636,717. Furthermore, our total assets currently exceed $580 million," Taher disclosed in an interview with Khaleej Times. This year has been particularly significant for MultiBank, as Taher noted, citing the collaboration with Mashreq to develop an API-enabled Instant Payment solution for corporate clients. This solution is fully aligned with the Central Bank of UAE’s Aani platform, offering substantial advantages to both MultiBank Group and Mashreq. Additionally, through its subsidiary MEX Global, MultiBank recently inked a deal with Al Ansari Exchange, enabling clients in the UAE to conveniently deposit and withdraw funds through Al Ansari Exchange’s extensive network.
Taher emphasized Dubai's strategic position as a prime hub for financial growth, attributing this to its location, progressive policies, and reputation for stability and security. "The UAE's forward-thinking leadership has cultivated a globally acclaimed, business-friendly environment that has attracted major financial entities and streamlined cross-border investments," he added. In 2021, the Securities and Commodities Authority (SCA) implemented a new legal framework permitting companies to apply for financial derivatives broker licenses. MultiBank was among the initial applicants to secure this license from SCA. Similarly, MultiBank has adhered to the guidelines set by the Virtual Assets Regulatory Authority (VARA), which granted the company exchange and broker-dealer licenses in 2024. This year, SCA and VARA signed an agreement to reinforce the UAE's status as a global leader in virtual assets, in line with the 'Principles of the 50' and the government's vision to establish the world's most dynamic economy. These initiatives highlight the collaborative efforts of various regulatory bodies to attract global businesses to operate within the UAE's financial sectors, including virtual assets.
Dubai's dedication to technological advancements, particularly in blockchain and AI, solidifies its standing as a leading financial hub. Its agility in adapting to global economic changes creates a vibrant ecosystem where companies like MultiBank can flourish, innovate, and thrive confidently. MultiBank Group's daily turnover currently stands at $18.1 billion. Since its inception in 2005, the company has established a robust regulatory track record, collaborating with 16 global financial regulators. Its infrastructure is engineered for high-volume trading, supported by a strong financial base with paid-up capital exceeding $322 million, ensuring seamless handling of large trades. MultiBank continuously innovates its technology and expands its product range to cater to the varied needs of its clients. Strategic alliances and a tech-forward approach have contributed to its impressive daily turnover, distinguishing it in the industry, according to Taher.
MultiBank Group provides a diverse array of trading options, from conventional forex to cryptocurrencies. "Technology is paramount for us; we invest in maintaining user-friendly platforms that stay ahead of industry trends, and we place significant emphasis on client education, offering tools and resources to empower clients to trade with confidence," Taher stated. He underscored the transformative impact of blockchain and AI on finance. MultiBank recently launched MultiBank-AI, a dedicated AI division focused on integrating artificial intelligence to enhance efficiency and client experience. Blockchain technology enhances security and transparency, and MultiBank is pioneering methods for clients to trade cryptocurrencies alongside traditional assets, complemented by a cutting-edge social copy trading platform, opening new avenues in finance. AI enables faster data analysis, improved risk management, and personalized insights for a tailored trading experience, making operations more efficient and paving the way for future advancements in financial services, Taher added.
Source link: https://www.khaleejtimes.com
