Key points:
- Xace is opening a new office in Cyprus
- The company aims to strengthen local support and ensure alignment with EU regulations
- The expansion places Xace within an already well-established and strategically important region
Xace is expanding its operations by entering Cyprus.
The company is focusing on strengthening its presence and developing a growth strategy across Europe, seeking to enhance local support, better comply with EU regulations and deliver greater value to clients throughout the region.
One of the main reasons Xace has chosen to open an office in Cyprus is the region's development, which allows the company to be closer to key clients and industry partners.
"Expanding into Cyprus is a natural progression for Xace as we scale our regulated services across Europe," said David Hodkinson, Group CEO of Xace.
"Cyprus is home to a number of our core clients and partners, and this new location allows us to work even more closely with them, delivering faster, more tailored solutions within a strong regulatory framework."
The Cyprus office will facilitate the provision of Euro and multi-currency accounts, virtual IBANs, and cross-border payment services. With an existing team already in Limassol, Xace plans to expand operations throughout 2025, focusing on client services, relationship management, and efficient operations.
This move comes along with the recent appointment of Reuben Abela as Xace’s CEO of its European Division, which aligns with the company’s plans to enhance its presence across Europe and deliver payment solutions to underserved markets.
In addition, this opening aligns with the firm’s preparation for the incoming EU regulations, such as MiCA.
