Taiwanese-owned brokerage KGI Fraser Securities has launched in Singapore a new product, KGI Contrax, which uses ayondo’s white-label trading platform TradeHub, ayondo said on Thursday. KGI is ayondo’s first client in Singapore.
ayondo's TradeHub employs the social trading concept, under which investors can copy the trading strategies of more experienced traders. Currently the platform is used by over 100,000 traders from 123 countries all over the world.
The moves are in line with ayondo’s plans to expand in Asia. The company has chosen Singapore since people there are tech-savvy and are looking for a faster and more transparent way of executing their trades, ayondo CEO and co-founder Robert Lempka said.
The news come just over a year after Singapore-based Private Equity Fund Luminor Capital became a significant stakeholder in the ayondo group. Ayondo opened an office in the country mid-2014.
ayondo’s social trading service is provided by Frankfurt-based ayondo GmbH, a tied agent of DonauCapital Wertpapier, and are thus regulated by Germany’s FFSA. The ayondo group also operates ayondo markets, an investment company regulated by UK’s regulatory body, FCA.
KGI Fraser Securities Pte, formerly AmFraser Securities Pte, is a fully-owned subsidiary of Taiwan’s KGI Securities since January this year.