Former spread betting and CFD brokerage, Gekko Global Markets rebranded to ayondo markets Ltd last month. The brand has been unified as the parent company ayondo Holding AG is also behind Frankfurt-based ayondo GmbH which is responsible for the firm’s social trading platform. The company will be operating under the name ayondo Asia PTE Ltd.
Forex Magnates’ reporters have learned that the company is opening an office in Singapore to expand its operations looking for new partnerships in the region. As the firm has a rich CFD product, offering FX, indices, stocks, commodities and bonds and with an already integrated social trading platform, the firm is aiming to pick up market share across Asia by finding new partnerships in both retail and institutional spaces.
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Earlier this year, the company obtained financing by Singapore-based private equity fund Luminor Capital totaling CHF 5.5 million ($6.2 million).
Commenting on the announcement, the firm’s CEO Robert Lempka, stated, ” The financial sector is undergoing a period of change, which is not limited to Europe and the Singapore office will serve as a bridge in order to implement our global vision of offering our services in all major financial markets.”
We are seeing a company with a previously localized focus expanding into a new geographical area just a month after the brand was unified under the ayondo name. With the round of new funding obtained by the Holding company in the beginning of the year, the firm is targeting new markets as competition among FCA regulated entities for the European market has become increasingly intense.