UK-listed brokerage technology developer TechFinancials, traded on the UK’s AIM market under ticker symbol TECH, today announced a new sales office that it has opened in Hong Kong to focus in the Asia-Pacific region, according to a regulatory filing dated February 29th 2016.
Following the company’s recent participation in the iFX Expo Asia in Hong Kong at the end of last month, the company said in the filing today that the new Hong Kong office will be sales focused and will help promote B2B across Asia-Pacific, providing customer support within the region.
This news follows its previously announced venture in HK with Optionfortune Trade limited in January regarding a retail binary options offering, as Finance Magnates reported last month.
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The company said that Calvin Hau, who recently joined as Asia Pacific Sales Manager at TechFinancials, will head the new office. He brings a solid background in institutional sales to the region.
our Hong Kong base will strengthen our B2B foothold and overall presence in the region.
TechFinancials Group CEO Asaf Lahav said in the filing: “Opening an office in Hong Kong is a core part of our strategy to expand into Asia and penetrate markets with high growth potential. With the establishment of the JV to run a B2C binary options trading platform in the Asia Pacific region, our Hong Kong base will strengthen our B2B foothold and overall presence in the region. Under Mr. Hau’s guidance, we are well placed for further growth in China and to develop new customers in the wider Asia Pacific region.”
The company stock price fell last year after it warned that it would miss forecasted profit targets, citing lower customer conversion rate due to management decisions related to its Optionfair business and an increase in regulatory related costs. The CEO remained positive about the long term prospects of the B2C segment. Shares of TECH closed last week at 12.50 on FTSE’s AIM, following its directors purchasing nearly 80,000 shares, as reported last week.