Xace is expanding into Cyprus to grow its business.
The company is committed to strengthening its influence in Europe and devising growth strategies, seeking to enhance local support, better comply with EU regulations, and provide greater value to customers across the region.
One of the main reasons Xace chose to open an office in Cyprus is the development of the region, which allows the company to be closer to key customers and industry partners.
Xace Group CEO David Hodkinson said: "As we expand our regulated services across Europe, expanding into Cyprus is a natural progression for Xace."
"Cyprus is home to many of our core customers and partners, and the new location allows us to work more closely with them, offering faster and more targeted solutions within a strong regulatory framework."
The Cyprus office will offer Euro and multi-currency accounts, virtual IBANs, and cross-border payment services. Xace already has a team in Limassol and plans to expand its operations in 2025, focusing on customer service, customer relationship management, and efficient operations.
This move comes with the recent appointment of Reuben Abela as CEO of Xace's European division, aligning with the company's plan to strengthen its influence in Europe and provide payment solutions to underserved markets.
Furthermore, this opening is consistent with the company's preparations for upcoming EU regulations, such as MiCA.
