StoneX bets on India with new metals desk, tech push

By Sai Ishwarbharath B

BENGALURU, Nov 28 - U.S. financial services firm StoneX Group SNEX.O will launch a precious metals trading desk in India in early 2026 and boost tech hiring by up to 20% annually for the next three years, a top executive told Reuters.

The firm, which offers trading and execution services across commodities, securities and forex, has imported gold into India for two decades via Dubai and GIFT City, but the new desk marks its first local trading presence.

The desk will mainly target Indian jewellers and extend services to scrap and recycling businesses, Greg Kallinikos, chief executive for Asia Pacific, said in an interview on Thursday.

StoneX will 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% of StoneX's profit, but India could rival the region's entire share within a decade once all services roll out, Kallinikos said.

StoneX operates global capability centres in Pune and Bengaluru with more than 600 staff handling functions such as software development and cybersecurity. Future hiring will focus on automation and an integrated trading application for bullion, commodities and equities.

The expansion reflects long-term plans rather than recent gains in gold and silver prices.

"We always had aspirations to come to India," Kallinikos said, noting the move was enabled by a broader tech footprint and deeper understanding of the local ecosystem.