StoneX Expands Operations in India, Joins International Bullion Exchange

Monday, 28/10/2024 | 18:39 GMT by Jared Kirui
  • The company established offices in Bangalore and Pune to tap into India’s financial services sector.
  • StoneX is also focussing on facilitating the trading of precious metals in the region.
StoneX

StoneX Group is expanding its services in India with International Bullion Exchange (IIBX) membership and the opening of new offices in the region. According to a report by the firm, StoneX has experienced significant growth since its entry into the Indian market in 2019, now employing over 550 staff in the country as part of a global workforce exceeding 4,300 employees.

Expansion in India

Commenting about the expansion plan, Greg Kallinikos, APAC CEO at StoneX, said: “India has consistently been at the forefront of technological innovation across various sectors, making it a natural choice for expanding our technology and support operations.”

“The robust talent pool in the financial services sector has been another point of attraction in establishing our Global Capability Centres in Bangalore and Pune.”

Besides its expansion in Pune and Bengaluru, StoneX highlighted its contribution to the Gujarat International Finance Tec-City (GIFT City). The firm commenced operations in June 2024 and focuses on trading precious metals.

Recently, the company reportedly made an unsolicited $480 million takeover bid for UK-listed CAB Payments just months after its public listing. According to sources familiar with the matter, the proposal is a significant premium to CAB Payments' current share price. CAB Payments, a firm dealing with payment and trading services, received the offer in September.

Partnership with NatWest Group

“We started in India with one technology team for our Global Payments business and have now matured into a cross-functional Global Capability Centre. We have been growing rapidly in terms of headcount numbers: almost 40% year-on-year,” Manu Dhir, the General Manager of StoneX India, said.

“We offer substantial career growth opportunities, including leadership roles to our employees, and are also focused on recruiting top talent from local universities.”

Meanwhile, StoneX Financial Ltd joined forces with NatWest Group to enhance international payments capabilities and offer clients better cross-border FX services.

The partnership enables StoneX Payments, StoneX's payment division, to offer NatWest delivery and international FX payment services. This integration reportedly seeks to empower NatWest's corporate clients to transfer funds to different countries.

Notably, the partnership also seeks to facilitate cross-border payments and extend the bank's local payment reach across a set of currencies, thus granting access to different markets.

StoneX Group is expanding its services in India with International Bullion Exchange (IIBX) membership and the opening of new offices in the region. According to a report by the firm, StoneX has experienced significant growth since its entry into the Indian market in 2019, now employing over 550 staff in the country as part of a global workforce exceeding 4,300 employees.

Expansion in India

Commenting about the expansion plan, Greg Kallinikos, APAC CEO at StoneX, said: “India has consistently been at the forefront of technological innovation across various sectors, making it a natural choice for expanding our technology and support operations.”

“The robust talent pool in the financial services sector has been another point of attraction in establishing our Global Capability Centres in Bangalore and Pune.”

Besides its expansion in Pune and Bengaluru, StoneX highlighted its contribution to the Gujarat International Finance Tec-City (GIFT City). The firm commenced operations in June 2024 and focuses on trading precious metals.

Recently, the company reportedly made an unsolicited $480 million takeover bid for UK-listed CAB Payments just months after its public listing. According to sources familiar with the matter, the proposal is a significant premium to CAB Payments' current share price. CAB Payments, a firm dealing with payment and trading services, received the offer in September.

Partnership with NatWest Group

“We started in India with one technology team for our Global Payments business and have now matured into a cross-functional Global Capability Centre. We have been growing rapidly in terms of headcount numbers: almost 40% year-on-year,” Manu Dhir, the General Manager of StoneX India, said.

“We offer substantial career growth opportunities, including leadership roles to our employees, and are also focused on recruiting top talent from local universities.”

Meanwhile, StoneX Financial Ltd joined forces with NatWest Group to enhance international payments capabilities and offer clients better cross-border FX services.

The partnership enables StoneX Payments, StoneX's payment division, to offer NatWest delivery and international FX payment services. This integration reportedly seeks to empower NatWest's corporate clients to transfer funds to different countries.

Notably, the partnership also seeks to facilitate cross-border payments and extend the bank's local payment reach across a set of currencies, thus granting access to different markets.

About the Author: Jared Kirui
Jared Kirui
  • 1484 Articles
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About the Author: Jared Kirui
Jared is an experienced financial journalist passionate about all things forex and CFDs.
  • 1484 Articles
  • 22 Followers

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