Limassol-based foreign exchange (FX) broker, Roboforex, operated by CySEC-regulated Cypriot Investment Firm Roboforex Ltd, has opened a new representative office in China, according to information distributed to its clients in a recent update.
Roboforex’s new office is located in the Zhongshan district in Dalian, in the People’s Republic of China, and aims to be a support hub for local customers, with staffing up to 10 hours per day.
Finance Magnates spoke with people close to the project who explained that the effort has been under way since the middle of last year and is based on an already progressing IB partnership with Mr. Qi Dali, Project Manager of the Chinese Region for RoboForex, that led to the decision to open the local representative office.
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Representative offices based on pre-existing partnerships
It’s not uncommon for forex IBs to occasionally become employees or form such strategic partnerships after proving their capabilities initially, and every broker aims to acquire new customers whether via its own marketing or through B2B relationships.
However, there is a difference between opening a representative office with a newly established relationship when there is no history yet, and starting such a partnership based on a pre-existing relationship – as in the case above – unless there was a significant amount of business on the negotiating table (i.e. an IB with a large book of business or during an acquisition). The two keys are trust and results (both current and expected) in this equation, and apparently Roboforex was comfortable with both in making the decision to launch the new operation.
China market focus still gaining attention
In addition, the company plans on expanding support on the local online WeChat and QQ pages, both popular mediums in China, as well as offline efforts, for example meeting with clients at the new office and at outside meetings.
Finance Magnates reporters met with Roboforex at the iFX Expo in Hong Kong last month, when its IBs in the region had visited its exhibitor booth at the event. One key theme from the event continues to be the importance of local presence when aiming to expand into Asia and newly evolving markets for forex such as China.