Swissquote is driving international expansion. The online bank establishes a subsidiary in Cyprus and strengthens its presence in the Middle East.

The newly founded Cypriot subsidiary of the group, Swissquote Capital Markets Ltd, received the license from the Cypriot state financial supervisory authority CySEC on December 7, according to a statement on Thursday. This is intended to expand currency trading in the European Union. In addition to the locations in Luxembourg and Malta, this is the third location in the EU.

In addition, the Dubai location, where Swissquote has been present since 2010, has been strengthened. Since the end of October 2022, Swissquote customers have been able to invest directly in securities listed on the Dubai Financial Market (DFM).

The online bank is also expanding domestically. Due to the strong customer growth in recent years, the company is strengthening its human resources in the field of customer care. The entire department therefore moved into additional office space in Zurich-Stettbach in mid-November. The department also takes care of the inquiries of the fast-growing fintech app Yuh. Meanwhile, the offices and the lounge on Löwenstrasse remained in place, it is said.

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