Exiniti, the UAE-based technology solutions provider to CFD and forex broker firms, is striking out on its own account, as the latest tech outfit to move in on the forex brokerage space.
Yesterday (24 June) Extiniti announced the official launch of the new venture.
The company is a young one, having been founded by Mohamed Rashad who was the former head of IT at FXGate.
Since then it has carved out an an enviable reputation as a service provider, with a fairly comprehensive range of products and services, such as back office and scalable CRM, white-labelling of MT5 and website development and integration, plus integration with other third-party services such as payments.
Extiniti leverages back office expertise to set up forex broker shop
Clearly, Exiniti has used the experience of providing its products and services to forex brokerages to hone its skills in the area to such an extent where it is able to set up its own trading venue, including the handling of areas such as custody and treasury.
It is not known if the move will have any implications for Exiniti’s existing service provider business or whether the strategic shift was as the result of limited opportunities as a purveyor of tech products and services to FX brokers or whether it is simply a way of diversifying its revenue streams. It is quite common for FX brokers to outsource the technology side of their business. Exiniti is one of a number of tech providers that have decided to become fore brokers in their own right as the forex industry expands.
Rashad: “perfected the solutions needed to run a brokerage”
Rashad said in a comment supplied with the company press release: “Exiniti was founded because there was a gap in the market in terms of technology related advancements and support for financial services. Exiniti provides everything a Forex and CFD brokerage requires to get set up correctly from day one. We have also perfected the solutions needed to run a brokerages day-to-day operations smoothly and in the most efficient and scalable way possible.”
Since inception, Exiniti claims to have facilitated a comprehensive suite of ground-breaking technology solutions for brokers to drawn on. As well as the products already mentioned, the company offers to its clients its expertise and resources to integrate innovative solutions “that address the challenges of running a financial institution”.
Exiniti includes traders in its addressable market and targets start-ups as well as established forex and contracts for difference-focused brokerage firms.
Before setting up Exiniti and his time before that at FXGate, Rashad was the chief technology officer at Multibank Group, regional head of IT at Equiti Group, head of IT at AxiTrader ME and head of IT at Alpari ME, in a career in financial services industry spanning 11 years.
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