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, StoneX 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 from StoneX 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.
This article was written by Jared Kirui at www.financemagnates.com.
Source
