MultiBank aims to expand global footprint from UAE base

MultiBank Group, a leading financial derivatives provider, aims to expand its global reach in 2025, and add new products to its portfolio, its founder said.

“2023 was our most successful financial year to date, with a record-breaking revenue of $306,636,717. Additionally, our total assets are currently valued at over $580 million,” Naser Taher, Founder and Chairman of MultiBank Group, told Khaleej Times in an interview.

This year has been a year of big achievements for MultiBank, Taher said. “We partnered with Mashreq to launch an API-enabled Instant Payment solution for corporate clients. This solution is fully integrated with the Central Bank of UAE’s Aani (Instant Payment Platform), delivering substantial benefits to both MultiBank Group and Mashreq. Moreover, through our subsidiary, MEX Global, we recently signed an agreement with Al Ansari Exchange, enabling our clients in the UAE to seamlessly deposit and withdraw funds via Al Ansari Exchange’s extensive branch network,” he added.

Dubai is an ideal growth hub for finance, with its strategic location, forward-thinking policies, and reputation for stability and safety, Taher says. “The UAE’s visionary leaders have built a globally recognized business-friendly environment that attracted major financial institutions and made cross-border investment seamless,” he added.

In 2021, the Securities and Commodities Authority (SCA) introduced a new legal framework, allowing companies to apply for financial derivatives broker licences. MultiBank was among the first to both apply for and secure this licence with SCA. “Similarly, we have also embraced the framework set forth by the Virtual Assets Regulatory Authority (VARA) who granted us exchange and broker dealer licences in 2024. Additionally, this year, SCA and VARA have signed an agreement to further strengthen the UAE’s position as a leading global hub for virtual assets, in alignment with the ‘The Principles of the 50’ and the government’s visionary aspirations to build the world’s best and most dynamic economy. These initiatives exemplify the collaborative efforts between different regulatory authorities to attract global businesses to operate within its financial sectors, including that of virtual assets,” Taher said.

On the other hand, AI allows us to analyse data faster, improve risk management, and provide clients with tailored insights for a personalized trading experience. These technologies make our operations more efficient and pave the way for future advancements in financial services,” he added.