Exclusive: Tradesocio Opens Dubai Office, Plans One in London
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The company is going to set up a business development operation in London before the end of the year
Financial technology provider Tradesocio is expanding its global footprint, the company’s CEO Wael Salem confirmed to Finance Magnates. The company has recently established a new global operational headquarters in the Dubai International Financial Center (DIFC).
The firm’s new premises in Dubai will also host an innovation hub and be home to the company’s business development center for the MENA region. The firm is strongly committed to increasing its footprint in the area but is not cutting down on other locations.
On the contrary – Mr. Salem confirmed to Finance Magnates that Tradesocio has moved to a bigger office in Limassol in Cyprus and is already on the lookout to hire more staff on the island. That said, the firm plans to have all C-level operations in Dubai.
London Office Plans
With the company expanding its services and adding new products to its mix, the firm is also looking to commit further resources to business development across Europe. This is done in preparation for the launch of a London office before the end of the year.
Tradesocio’s CEO confirmed that the company currently is employing 110 people globally and is looking to add 30 people in Dubai over the next two years. With the positions being mostly C-level and senior management, the London office will house approximately ten people focused on business development and some product analysts.
Product Mix
Speaking to Finance Magnates, the CEO of Tradersocio Wael Salem shared that lately the firm has been mainly focused on the development of robo-advisory solutions and the firm’s latest push – separately managed accounts (SMAs).
The company’s SMA product is marketed as a cost-effective alternative to traditional MAM and PAMM implementations. Salem elaborated that the firm is already operating in partnership with multiple banks, offering them customized solutions for pension management, mobile trading, and other specific needs.
“We also have an upcoming release called ETF Station. The product enables financial institutions to launch their own ETFs to deliver to their clients. Instead of onboarding a fund manager, setting up an expensive operation in a hedge-fund-friendly jurisdiction, which requires lawyers, auditors, and fund administrators, our digital funds solution can help you set everything up in less than 10 minutes.”
MENA Market Focus
While the company has been actively marketing its products across Europe and the Far East for some time, the firm’s focus on the MENA region comes as no surprise. The firm has started the effort to push its products in order to help accelerate the digital transformation of financial services in the area.
“We are currently trying to take all the solutions we have developed and deployed globally and adapt them to the needs of prospective clients in the MENA region. We think that there is a gap in the digital transformation in the area, and we would have very good chances to explore potential opportunities in the market here,” Salem concluded.
Last month, the company also confirmed a partnership with FXCubic, enabling the firm to deliver a brand new solution to the market via the Tradesocio Marketplace.