TechFinancials Inc: Contract Wins and Senior Management appointment within OptionFair
TechFinancials (AIM:TECH), a software developer that supplies simplified trading solutions to online brokers, is pleased to announce its recent contract wins and a senior management appointment within OptionFair.
Recent Contract Wins
Since its successful admission to AIM (the “Admission”) in March, TechFinancials is able to announce expansion of its client base with the completion and signing of eight new contracts licensing the Company’s market leading financial trading software.
The European market continues to be a focal point of the Company’s activities and seven of the new brokers signed plan to focus on this region. As outlined in the Company’s Admission Document, the European market is currently the world’s leading and most mature market for Binary Options and it’s the Group’s intention to utilise funds raised at Admission to further its software development needed for the regulated European market.
Additionally, the Company is able to announce its first contract with a broker focusing on the Arabian Gulf Region. There have also been further developments in Asia, where an existing key customer of TechFinancials has entered the PRC (People’s Republic of China) market through collaboration with a local Chinese partner. This partnership is adopting a multi-brand strategy and has now launched eight brands in the PRC market. This marks an important step in realising the Group’s intention to expand in the high growth potential Chinese market. TechFinancials launched its Chinese B2B desk in 2014 and has appointed an experienced Chinese business development professional to secure further contracts with online brokers and to develop relationships with strategic partners in the region. The Group intends to open an office in China in the near future to sell and support TechFinancials’ software in the growing market.
Senior management appointment within OptionFair
The Group has appointed Mr. Jonathan Shkedi as new CEO within its online broker division, OptionFair. Mr. Shkedi has spent the last three years as V.P. Sales for the B2B software licensing division of TechFinancials. His success in this position has prompted his promotion to the management team of the Company. As CEO of OptionFair, Mr Shkedi brings with him a rich experience in sales, media and affiliate positions in a variety of online industries. The new appointment is part of a strategic plan to take OptionFair forward and extend the division’s global reach as the Binary Options market looks set for exponential growth (ForexMagnates Report).
Commenting on the Operational Update, Asaf Lahav, Group CEO of TechFinancials, said: “TechFinancials is very pleased to have made significant progress in diversifying its global product offering by signing contracts with eight new brokers covering various target markets of the Group. We are also pleased to have appointed the Company’s management team. The Company believes Mr. Shkedi’s experience will be a vital asset in moving forward with the Group’s strategy to extend its global reach.”
- TechFinancials opened Hong Kong office to expand B2B services in the Asia Pacific region
- TechFinancials reports decrease in Group revenue by 12% to US$13.6 million
- TechFinancials Joint Venture agreement with Optionfortune Trade Limited
- TechFinancials informs regarding Completion of Administrative Sanction
- TechFinancials is terminating the agreement with IBID for manage one of its B2C binary options trading brands