StoneX maps major India expansion with new metals desk and tech growth plan

US financial services firm StoneX Group will open its first India-based precious metals trading desk in early 2026 and increase technology hiring by up to 20 per cent each year for the next three years, a senior executive told Reuters on Thursday.

StoneX, which provides trading and execution services across commodities, securities and forex, has imported gold into India for two decades through Dubai and GIFT City. The upcoming desk marks its first physical trading presence in the country.

Greg Kallinikos, chief executive for Asia Pacific, said the desk will mainly serve Indian jewellers and extend services to scrap and recycling businesses.

The company will also hire operations and compliance teams in Mumbai and Bengaluru, including anti-money laundering specialists, and plans to introduce financial derivatives in India over time.

Asia Pacific currently contributes about 20 per cent of StoneX’s profit, but India could match the region’s entire share within a decade once its full suite of services is rolled out, Kallinikos said.

StoneX already runs global capability centres in Pune and Bengaluru, where more than 600 staff handle software development, cybersecurity and other functions. Future hiring will be focused on automation and an integrated trading application covering bullion, commodities and equities.

Kallinikos said the expansion is driven by long-term strategy rather than recent price movements in gold and silver. “We always had aspirations to come to India,” he said, adding that the move was made possible by a broader tech footprint and deeper understanding of the local ecosystem.

(With inputs from Reuters)