On top of the KINA income of $5000 for may IGEX income for February, March and April will be posted over $16,000 in trading revenues”.
Managing Director John O’Shea, said the slower than planned start was due to government changes to laws related to individuals and company’s transferring funds out of PNG. Adjustments have now been made and KINA commission in the last month exceeded estimation and will be booked at over $5000 for the month of June. O’shea added “ On top of the KINA income for the months of February, March and April we posted over $16,000 in trading revenues”.
KINA Securities represents 70% of all security transactions in PNG, and currently use E*Trade Securities as their main execution and clearing partner. KINA recognizes the huge value in offering a more sophisticated trading platform currently not available in PNG and will be migrating all existing clients to IGEX. This will position KINA to increase their market share and be able to grow business in alternative markets, that currently also do not have direct access to international financial markets.
IGEX’s potential revenue from such an agreement with KINA is substantial due to KINA having already an established brand and client base within PNG. IGEX will book 100% of all revenue and retain 30% of all commissions and trading revenue executed on KINA’s clients.
John O’Shea, President/CEO of IGEX has been working closely with KINA on software training, marketing and government regulations to speed up the rollout in H2 2015. “It has been slower than expected to have KINA ready for their rollout to customers but H2 2015 we will see major inflows from KINA,” stated O’Shea.
O’Shea added, “We are also looking to rollout IGEX SuperTrader in the middle of 2015 which will also increase the client take up with existing and new clients for KINA.”
Mr Rick Tan head of KINA Securities said, “I’m pleased with the early take up of clients opening accounts via the online application process and gaining access to global financial markets made available via Halifax and IGEX. We see this as a major focus e for KINA in 2015.
About Indo Global Exchange:
Indo Global Exchange IGEX, Code IGEX automated and fully transparent managed Funds in FX with high investment returns: providing a diversified range of services to corporate, retail and wholesale clients. www.igex.com
Indo Global Exchange,
7 Merton St,
Melbourne - 3161,
Phone: (+61) - 404355140,
Contact DetailsCompany Name: Indo Global ExchangeIssued By: John OSheaPhone: 404355140Address: 7 Merton St, Street Address 2, Melbourne - 3161, Victoria, AustraliaCity: MelbourneState: VictoriaZip: 3161Country: AustraliaWebsite: Visit the website
by John OShea (last year!)