StoneX Group Strengthens Indian Presence with Bullion Exchange Membership & New Offices

StoneX Group has significantly expanded its presence in India, recently securing membership with the International Bullion Exchange (IIBX) and opening new offices across the region. Since entering the Indian market in 2019, StoneX has seen considerable growth, with its staff in India now numbering over 550 employees, contributing to the companys global workforce of more than 4,300.

As part of the firm‘s expansion strategy, StoneX has established Global Capability Centers in Bangalore and Pune. Greg Kallinikos, APAC CEO at StoneX, noted that India’s strength in technological innovation across multiple sectors makes it a strategic choice for developing the company‘s technology and support operations. He emphasized that the country’s robust financial services talent pool has been instrumental in choosing it as a base for StoneXs growth in the region.

The expansion extends beyond just Bangalore and Pune, as StoneX also made its debut in the Gujarat International Finance Tec-City (GIFT City) in June 2024, focusing on trading in precious metals. This move aligns with StoneXs goals to broaden its foothold in the high-potential bullion market and tap into the opportunities GIFT City presents as a burgeoning financial hub.

Alongside its expansion in India, StoneX has recently made a notable entry into acquisition discussions. The company proposed an unsolicited $480 million takeover bid for UK-listed CAB Payments, which was only publicly listed a few months prior. Sources close to the matter revealed that the bid offered a significant premium over CAB Payments' current share price, underscoring StoneXs interest in strengthening its payment and trading services footprint in the UK market.

In a statement, Manu Dhir, General Manager of StoneX India, highlighted the company‘s rapid year-on-year headcount growth, nearly 40%, attributing the expansion to the high demand for the company’s cross-functional capabilities. Dhir added that the company is committed to supporting career advancement and leadership opportunities for its staff, focusing on recruiting top talent from local universities to strengthen its workforce.

Furthering its efforts in cross-border payments, StoneX Financial Ltd has partnered with NatWest Group to bolster international payment capabilities and enhance FX services for corporate clients. This collaboration enables StoneX Payments, StoneX‘s payment division, to integrate NatWest’s delivery and international FX payment services into its offerings. This partnership seeks to provide NatWests corporate clients with seamless cross-border fund transfers and access to a wide range of currencies, extending their payment reach in diverse global markets.

Through its strategic expansions, partnerships, and acquisitions, StoneX Group is reinforcing its position as a key player in the global financial services landscape, leveraging Indias resources to support its technological and operational needs while broadening its international payment and bullion trading capabilities.