Following the close of Tuesday’s session, the publicly traded fintech company XTB (WSE: XTB) unveiled its product roadmap 2024. It
indicates that the company, originating in the FX/CFD industry, is increasingly
focusing on passive investments, social trading, and the extensive use of AI
technology
Central to
XTB’s 2024 vision is the expansion of its investment offerings. The company has
already made strides by integrating fractional shares and passive Investment Plans into
its app, a feature now available across multiple markets, including Poland,
Germany, Spain, Portugal, Romania, Czech Republic, Slovakia, the UK, Italy, and
the MENA region. This will
soon extend to the xStation platform in either the first or second quarter of
the year. The shift towards passive investing is evident, with the company
reporting significant growth in this area.
“At this stage, I
can already say that 2024 will be a historic year, in terms of the number of
new products in the XTB’s offer. We have been preparing for this moment for a
long time, as evidenced by our active efforts in developing the Product and
Technology Department,” Omar Arnaout, the CEO of XTB, commented for Finance Magnates.
Furthermore,
XTB is set to present social trading products. The platform will allow users to
monitor the movements of top investors, offering rankings and categorizations
based on risk profiles. Real-time notifications about trading activities
complement this initiative.
“Social
Trading will be a new functionality within our trading platform helping
investors in making calculated investment,” Arnaout explained.
Bonds and Virtual Wallet
with Multi-Currency Card
The roadmap
also reveals plans to broaden fixed-income offerings, particularly by making
bond investments more accessible. Utilizing a mechanism similar to fractional
shares, XTB aims to allow investments in fixed-rate bonds starting from EUR 10.
The portfolio will include a mix of government and corporate bonds, with a
focus on high ESG ratings and secure ratings ranging from AAA to BBB-. Notable
issuers such as General Motors and Coca-Cola are part of this offering.
Another
major development is the introduction of a multi-currency virtual wallet
accompanied by a multi-currency card. This feature promises instant payments
between XTB accounts and real-time market settlements, including local instant
payments. The wallet will support over 100 currencies, providing users with
full control over their expenses and real-time notifications for all
transactions.
“Hopefully
by the end of the year,, we will introduce solutions aimed at further expanding
our customer base. The first will be a
virtual wallet with a multi-currency card. With the introduction of this
solution, XTB will become a comprehensive platform for managing finances,” Arnaout added.
Asked who XTB is working with to release the card, the CEO did not answer directly. Arnaout only revealed that it will be a “renowned global player” that will allow the new product to be offered “in every part of the world.”
AI-Powered Client
Assistance
Also, XTB
plans to integrate AI-powered assistance to streamline customer experiences.
This includes faster onboarding processes, AI-driven customer support, and
enhanced platform functionalities like data presentation and analysis tools.
This initiative aims to expedite responses to common queries while reserving
human intervention for more complex issues.
A few
months after XTB announced the launch of a department fully dedicated to AI,
appointing robotics expert Tomasz Gawron as its head, the company’s focus on
expanding its technological divisions is evident.
XTB’s
commitment to technology is not a recent development. The company previously
disclosed that over 40% of its workforce comprises programmers and technical
specialists, highlighting its long-standing emphasis on technological
advancement.
Tax-Efficient Retirement
Products for Poles
Finally, XTB
is responding to client demand for tax-efficient retirement products in its
home markets, including local “IKE” and “IKZE” accounts. IKE
stands for “Individual Retirement Account” and is a personal pension
savings account offering tax advantages. IKZE can be referred to as the “Individual
Retirement Security Account,” which is similar to IKE and is designed for
retirement savings, but it has different tax benefits.
The company has emphasized a commission-free approach for stock investments up to EUR 100,000
monthly, aligning with its broader fee structure. Data from the Polish
Financial Supervision Authority indicates a growing interest in these products,
despite their current underutilization in Poland.
However, brokerage
houses have seen substantial growth in assets under management in these
accounts. In the case of IKE, the largest increase in asset value was recorded
in accounts managed by brokerage houses (at the end of H1 2023, they amassed PLN
5.5 billion, which represents an increase of 24% compared to the end of 2022).
“XTB is a
global company so every product we introduce is analyzed from the global
perspective and our retirement offer will not differ so hopefully in every
country where such products exist we will think of dynamic implementation,” Arnaout commented.
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Following the close of Tuesday’s session, the publicly traded fintech company XTB (WSE: XTB) unveiled its product roadmap 2024. It
indicates that the company, originating in the FX/CFD industry, is increasingly
focusing on passive investments, social trading, and the extensive use of AI
technology
Central to
XTB’s 2024 vision is the expansion of its investment offerings. The company has
already made strides by integrating fractional shares and passive Investment Plans into
its app, a feature now available across multiple markets, including Poland,
Germany, Spain, Portugal, Romania, Czech Republic, Slovakia, the UK, Italy, and
the MENA region. This will
soon extend to the xStation platform in either the first or second quarter of
the year. The shift towards passive investing is evident, with the company
reporting significant growth in this area.
“At this stage, I
can already say that 2024 will be a historic year, in terms of the number of
new products in the XTB’s offer. We have been preparing for this moment for a
long time, as evidenced by our active efforts in developing the Product and
Technology Department,” Omar Arnaout, the CEO of XTB, commented for Finance Magnates.
Furthermore,
XTB is set to present social trading products. The platform will allow users to
monitor the movements of top investors, offering rankings and categorizations
based on risk profiles. Real-time notifications about trading activities
complement this initiative.
“Social
Trading will be a new functionality within our trading platform helping
investors in making calculated investment,” Arnaout explained.
Bonds and Virtual Wallet
with Multi-Currency Card
The roadmap
also reveals plans to broaden fixed-income offerings, particularly by making
bond investments more accessible. Utilizing a mechanism similar to fractional
shares, XTB aims to allow investments in fixed-rate bonds starting from EUR 10.
The portfolio will include a mix of government and corporate bonds, with a
focus on high ESG ratings and secure ratings ranging from AAA to BBB-. Notable
issuers such as General Motors and Coca-Cola are part of this offering.
Another
major development is the introduction of a multi-currency virtual wallet
accompanied by a multi-currency card. This feature promises instant payments
between XTB accounts and real-time market settlements, including local instant
payments. The wallet will support over 100 currencies, providing users with
full control over their expenses and real-time notifications for all
transactions.
“Hopefully
by the end of the year,, we will introduce solutions aimed at further expanding
our customer base. The first will be a
virtual wallet with a multi-currency card. With the introduction of this
solution, XTB will become a comprehensive platform for managing finances,” Arnaout added.
Asked who XTB is working with to release the card, the CEO did not answer directly. Arnaout only revealed that it will be a “renowned global player” that will allow the new product to be offered “in every part of the world.”
AI-Powered Client
Assistance
Also, XTB
plans to integrate AI-powered assistance to streamline customer experiences.
This includes faster onboarding processes, AI-driven customer support, and
enhanced platform functionalities like data presentation and analysis tools.
This initiative aims to expedite responses to common queries while reserving
human intervention for more complex issues.
A few
months after XTB announced the launch of a department fully dedicated to AI,
appointing robotics expert Tomasz Gawron as its head, the company’s focus on
expanding its technological divisions is evident.
XTB’s
commitment to technology is not a recent development. The company previously
disclosed that over 40% of its workforce comprises programmers and technical
specialists, highlighting its long-standing emphasis on technological
advancement.
Tax-Efficient Retirement
Products for Poles
Finally, XTB
is responding to client demand for tax-efficient retirement products in its
home markets, including local “IKE” and “IKZE” accounts. IKE
stands for “Individual Retirement Account” and is a personal pension
savings account offering tax advantages. IKZE can be referred to as the “Individual
Retirement Security Account,” which is similar to IKE and is designed for
retirement savings, but it has different tax benefits.
The company has emphasized a commission-free approach for stock investments up to EUR 100,000
monthly, aligning with its broader fee structure. Data from the Polish
Financial Supervision Authority indicates a growing interest in these products,
despite their current underutilization in Poland.
However, brokerage
houses have seen substantial growth in assets under management in these
accounts. In the case of IKE, the largest increase in asset value was recorded
in accounts managed by brokerage houses (at the end of H1 2023, they amassed PLN
5.5 billion, which represents an increase of 24% compared to the end of 2022).
“XTB is a
global company so every product we introduce is analyzed from the global
perspective and our retirement offer will not differ so hopefully in every
country where such products exist we will think of dynamic implementation,” Arnaout commented.
Participate in Our Fraud Survey: Your Opinion Matters!
We invite you to participate in our joint survey conducted by FXStreet and Finance Magnates Group, which explores prevalent online financial fraud types, platforms used for fraudulent activities, effectiveness of countermeasures, and challenges faced by companies in tackling such fraud. Your valuable insights will help inform future strategies and resource allocation in combating financial fraud.
Social Media Scams: Help Shape the Fight with Your 2024 Survey Participation
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- Source: https://www.financemagnates.com//forex/xtb-to-launch-social-trading-and-bond-offering-in-2024-product-roadmap/
