StoneX Expands with IIBX Membership, New Offices in Pune and Bengaluru, India

Rhea-AI Summary

StoneX Group has expanded its presence in India with new offices in Pune and Bengaluru, offering a combined capacity of 800 seats. Since establishing its Global Capability Centre in India in 2019, the company has grown to employ over 550 staff locally, experiencing a 40% year-over-year growth. The company has also opened an office in GIFT City and became the first international entity to be a trading and self-clearing member on the India International Bullion Exchange (IIBX), commencing precious metals trading operations in June 2024.

Positive

• Expansion with 800-seat capacity across new offices in Pune and Bengaluru
• 40% year-over-year headcount growth in India
• First international entity to become trading and self-clearing member on IIBX
• Strategic expansion into precious metals trading through GIFT City office

Negative

• None.

Insights

Market Research Analyst

The expansion in India represents a strategic move to capitalize on the country's tech talent pool while establishing a stronger foothold in the precious metals market. The 800-seat capacity across new offices and 40% year-over-year headcount growth demonstrates significant operational scaling. The IIBX membership and GIFT City presence are particularly noteworthy, positioning StoneX as a pioneer in India's bullion trading market.

This expansion carries multiple benefits: access to cost-effective skilled labor, enhanced technological capabilities and strategic positioning in Asia's growing financial markets. The investment in infrastructure and human capital suggests StoneX is building long-term competitive advantages in both operational efficiency and market access. The focus on university recruitment and career development indicates a sustainable talent pipeline strategy that could drive future innovation and growth.

BENGALURU, India, Oct. 28, 2024 (GLOBE NEWSWIRE) -- StoneX Group Inc., a Nasdaq-listed Fortune 100 financial services firm, has announced the opening of its new offices in Pune and Bengaluru, with a collective capacity of 800 seats. This marks a significant expansion of its operations in India, and is part of StoneX's strategy to leverage India's deep talent pool.

Since establishing its Global Capability Centre in India in 2019, StoneX has experienced remarkable growth, and now employs over 550 staff in-country, contributing to its global workforce of more than 4,300 employees.

Greg Kallinikos, APAC CEO, StoneX, emphasised India's pivotal role in the Group’s technological advancements. "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", Kallinikos stated.

Abbey Perkins, Chief Information Officer, StoneX, reiterated the company's commitment to the Indian market. "This is a growing firm. We are a hiring firm, and our commitment to this market is strong", Perkins said.

Manu Dhir, General Manager, StoneX India, highlighted the company's journey and future aspirations. "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. We offer substantial career growth opportunities, including leadership roles to our employees, and are also focused on recruiting top talent from local universities", Dhir explained.

GIFT City
In addition to strengthening its Global Capability Centre presence in India, StoneX has established an office in GIFT City (Gujarat International Finance Tec-City) to facilitate trading in precious metals. StoneX successfully commenced operations in June 2024, trading in precious metals on the IIBX (India International Bullion Exchange), becoming the first international entity to be a trading and self-clearing member on IIBX.

About StoneX Group Inc.:
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents.

For more information please contact:
Manu Dhir, General Manager, SNEX Technology Services Private Limited
Manu.dhir@stonex.com
www.stonex.com
NASDAQ: SNEX

FAQ

What is StoneX's (SNEX) current employee count in India?

StoneX currently employs over 550 staff in India, as part of its global workforce of more than 4,300 employees.

When did StoneX (SNEX) start its precious metals trading operations on IIBX?

StoneX commenced its precious metals trading operations on the India International Bullion Exchange (IIBX) in June 2024.

What is the combined capacity of StoneX's (SNEX) new offices in Pune and Bengaluru?

StoneX's new offices in Pune and Bengaluru have a combined capacity of 800 seats.

When did StoneX (SNEX) establish its Global Capability Centre in India?

StoneX established its Global Capability Centre in India in 2019.