StoneX Global Payments Division Expands into Digital Payments

Rhea-AI Summary

On January 19, 2022, StoneX Group Inc. (Nasdaq: SNEX) announced the launch of its digital payments initiative through its Global Payments Division, aiming to enhance payment solutions for corporate and institutional clients. The initiative will leverage StoneX's expertise in cross-border payouts and in-country services. Dean Chang has been appointed as the Global Head of Digital Payments, bringing experience from Island Pay. The new digital solutions aim to facilitate local payments in emerging markets, addressing client challenges and fostering growth.

Positive

• Launch of digital payments initiative to enhance services for corporate and institutional clients.
• Appointment of Dean Chang as Global Head of Digital Payments, providing expertise in cross-border payments.
• Focus on addressing client challenges in emerging markets with innovative solutions.

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• None.

NEW YORK, Jan. 19, 2022 /PRNewswire/ -- StoneX Group Inc. (Nasdaq: SNEX), today announced that its Global Payments Division ("StoneX Payments") has launched its new digital payments initiative, aimed at expanding the range of payments solutions it provides to its global corporate and institutional clients. StoneX, currently a leader in global cross-border payouts to emerging markets, will leverage its deep, global client relationships, proven cross-border capabilities, and substantial in-country payments services to provide a fully integrated offering.

StoneX Payments also disclosed that it has hired Dean Chang as Global Head of Digital Payments to launch its new digital payment offering. Mr. Chang brings extensive experience in cross-border FX and building innovative digital payment solutions. Most recently Mr. Chang served as Chief Operating Officer of Island Pay, where he was responsible for growing Island Pay in the Caribbean region.

Carsten Hils, Global Head of StoneX Payments, commented, "We recognize that although we are providing world-class cross-border FX payout solutions, our clients have other payments needs that we plan to address with these new capabilities. We want to position ourselves to support their goals, leveraging our experience and knowledge in emerging markets. Dean brings a diverse skill set and experience that positions him well to lead our new digital payments initiative."

StoneX Payment's clients are faced with challenges when facilitating payments in emerging markets, and as a result the Company is launching this initiative to address these critical needs. StoneX Payments will be developing an innovative digital solution to make it easier and more convenient for global institutions and corporates to set themselves up to accept local payments. These new services will allow them to focus on growing their core business and drive customer engagement.

Mr. Chang concluded, "I am excited to join StoneX Payments and be part of a team that leads the way in global payments. This initiative represents an investment in the future, as we build our platform and broaden our reach with new, innovative payments solutions to help our clients grow in new markets around the world."

StoneX Payments specializes in transferring funds to the developing world. It offers competitive and transparent pricing, along with guaranteed and secure delivery, in approximately 140 currencies across 180 countries.

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. StoneX 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-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 3,200 employees serve more than 45,000 commercial and institutional clients, and more than 370,000 active retail accounts, from more than 40 offices spread across five continents.

To learn more about StoneX, please visit: www.stonex.com.

Media Contact
Jay A. Morakis
M Group Strategic Communications (for StoneX Group Inc.)
+1 646 859 5951  
jmorakis@mgroupsc.com   

SNEX-G

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SOURCE StoneX Group Inc.

FAQ

What is StoneX Group Inc.'s new initiative announced on January 19, 2022?

StoneX Group Inc. announced the launch of its digital payments initiative aimed at expanding payment solutions for corporate and institutional clients.

Who was appointed as Global Head of Digital Payments at StoneX?

Dean Chang was appointed as Global Head of Digital Payments to lead the new digital payment offering.

How does StoneX's digital payments initiative benefit clients?

The initiative aims to facilitate local payments in emerging markets, addressing challenges faced by clients and enabling them to grow their core businesses.

What services does StoneX Payments offer in relation to digital payments?

StoneX Payments specializes in transferring funds to emerging markets, providing competitive pricing and secure delivery in approximately 140 currencies across 180 countries.

What are the goals of StoneX's new digital payments initiative?

The goals are to expand payment solutions, address client needs in emerging markets, and enhance customer engagement.