StoneX Group has strengthened its foothold in India by joining the International Bullion Exchange (IIBX) and opening new offices in Bangalore and Pune. Since entering the Indian market in 2019, StoneX has grown significantly, now employing over 550 people in India out of a global workforce of more than 4,300.
Expansion in India
Commenting on StoneX’s expansion, APAC CEO Greg Kallinikos stated, “India’s leadership in technological innovation across multiple sectors makes it a strategic choice for expanding our technology and support services.” He highlighted India’s skilled financial services talent as a key factor in establishing the company’s Global Capability Centres in Bangalore and Pune.
Beyond these new locations, StoneX has made contributions to Gujarat International Finance Tec-City (GIFT City), launching operations there in June 2024 with a focus on trading precious metals.
Takeover Bid for CAB Payments
In addition to expanding its physical presence, StoneX reportedly made a $480 million takeover offer for UK-based CAB Payments shortly after the company went public. This unsolicited bid is said to be a substantial premium over CAB Payments’ current share price. CAB Payments, known for its payment and trading services, received StoneX’s proposal in September.
Strategic Partnership with NatWest Group
StoneX has also teamed up with NatWest Group to enhance its cross-border FX payment services. This collaboration allows StoneX Payments, the company’s payment division, to leverage NatWest’s international payment services, facilitating better cross-border transaction options for NatWest’s corporate clients.
The partnership aims to improve the efficiency of cross-border payments and increase the reach of local payments across various currencies, providing NatWest clients access to a broader range of markets.
StoneX’s rapid expansion and strategic partnerships in India and abroad underline its commitment to delivering robust financial services and advancing its global payment capabilities.
