Indonesia goes high tech: Tradeworks CEO Mikael Breinholst talks Asian advancement and avoiding the newbies and the questionable
A rapidly expanding market for retail FX brokerages is Indonesia, which is currently regarded as a vital development area alongside Malaysia in South East Asia. Many brokerages have begun over the last two years to concentrate resources on developing client bases in the nation, which is home to some 250 million people, many of whom […]
A rapidly expanding market for retail FX brokerages is Indonesia, which is currently regarded as a vital development area alongside Malaysia in South East Asia.
Many brokerages have begun over the last two years to concentrate resources on developing client bases in the nation, which is home to some 250 million people, many of whom are under the age of 35 and therefore with the combination of the nation’s youthfulness and the collective will of the population to generate a capital base, FX trading has become very popular.
Now, the development of an FX industry within Indonesia itself is beginning to expand, as exemplified by yesterday’s announcement by fintech company Tradeworks, a firm that develops cloud-based software which can be tailored for the individual needs of FX and CFD traders.
Co-founded in Copenhagen, Denmark in 2013 by Mikael Breinholst, former Global Product Manager at Saxo Bank, Tradeworks now has established physical presence in the Asia Pacific region with an office in Singapore, therefore is well positioned to head into burgeoning Far Eastern markets.
The company also raised $500,000 from two strategic investos in Singapore, alongside Danish fund Innovationsfonden in April this year.
By partnering with Indonesian FX company Monex Investindo Futures, the increasing sophistication of traders in Indonesia will be catered for.
Speaking today to FinanceFeeds, Mr. Breinholst explained “With Indonesia being among one of the biggest retail FX markets in the world, we are very pleased to be working with the biggest, and most successful broker in this market.”
“We have been active in the market for about 8 months now getting to know the market better and better. Tradeworks has an office in Singapore but despite Jakata being ‘just around the corner’ we soon learned that we needed to work with a local agent to help us navigate the Indonesian business culture. The agent we found is now our country manager” said Mr. Breinholst.
“Indonesia is a very unique market. Although the middle class in Indonesia counts as many as 90 million people there are still a large number of newbies in the market and the sales tactics at some brokers are unfortunately questionable at best” – Mikael Breinholst, CEO, Tradeworks
“We have been very careful in selecting Monex Investindo Futures as our local partner as they generally cater for the slightly more experienced traders. We are very pleased with their dedication and attention to detail” he explained.
In conclusion, Mr. Breinholst said “Also, we share some of the same values like honesty, integrity and innovation and this has surely helped the getting from initial contact to going live with clients on May 25th.”