FXOpen, a retail and institutional broker, has set its sights on a new bourgeoning market for foreign exchange (FX) market participants, opting to open a new appointment of a local agent in Cairo, Egypt, according to an FXOpen statement.
Cairo is a large prospective market, boasting millions of potential market participants in what has been a relatively untapped realm in terms of FX products and trading. In addition, Egypt as a whole is strategically located in the Middle East and North Africa (MENA) region, which has seen a growth in FX trading in recent years.
Consequently, FXOpen, along with a single local agent known as Venture Capital Inc., has opened a regional office in Cairo that is operated by FX experts of Arab descent in an attempt to better serve a domestic audience and clientele. The main goal of the new office and MENA official agent will be to deal with FXOpen’s clients and third party entities, whilst providing information support, analysis, and resolving issues, commensurate with FXOpen policy.
For its part, FXOpen’s foray into the Egyptian market has been met with optimism, as it hopes to garner an increased level of market penetration in one of MENA’s most populated locales. Venture Capital Inc. has offices in Cairo and London, having started operating back in December 2015.