Back in 2019, StoneX opened its first small engineering division in India. Just a dozen people were tasked with testing a payments concept. Fast forward to today, and the picture looks entirely different. With massive twin hubs in Bengaluru and Pune, StoneX now runs a vast tech operation that powers everything from trading platforms to cybersecurity systems. And the shift wasn’t just a cost-saving measure. It was a strategic overhaul.
The company’s chief operhttps://theglitz.media/wp-content/uploads/2024/09/start-from-leftMridu-khoslaPriya-Mallik-Benitha-PericiyalSubodh-kerkar-Sandeep-Narayan-Lekha-Washington-Vibha-galhotra-1-scaled.jpgating officer, Stuart Davison, puts it simply. “You can’t lead in this industry without being tech-first,” he says. That belief has guided StoneX’s rapid expansion in India, where engineers are now building some of the company’s most critical systems. The centerpiece of this transformation is Xpay, a high-speed proprietary payments platform that’s already processed over $50 billion in global transactions since its February launch.
Before Xpay, StoneX relied on external software vendors who struggled to manage peak transaction loads. These limitations were a business risk. The India teams solved that. They designed a system from scratch that could handle institutional-scale traffic without buckling, giving the company complete control over performance and reliability.
And it didn’t stop with payments. The Indian offices now support cybersecurity, trading operations, compliance systems, and legal tools. The Pune facility operates with nearly 90 percent of its work focused purely on technology. Talent is drawn from top regional institutions, and the teams are cross-functional, contributing to nearly every global business vertical within StoneX.
What’s striking is that this growth wasn’t dictated by a rigid corporate roadmap. Each business unit independently discovered what Indian talent could bring to the table. Over time, a deeply integrated, multifunctional tech engine emerged. Now, Indian teams are not just delivering work. They’re leading innovation.
In fact, India is where the company expects to see its next generation of global leaders. The open-floor office setup means everyone, from junior coders to senior executives, learns from real-time conversations in trading, compliance, and systems development. It’s a fast, immersive learning loop that builds expertise quickly and at scale.
StoneX’s leadership is clear about where the competition lies today. It’s not just about pricing anymore. Winning new business requires intuitive design, real-time performance, and bulletproof reliability. That’s why the company now prioritizes engineers over industry veterans. Market expertise can be taught. Tech instinct cannot.
With Indian-built tools like Xpay already proving their worth, StoneX is now laying the groundwork for future on-shore revenue units, including a gold-trading desk awaiting regulatory approval. India is no longer just part of the back office. It’s becoming the core of the operation.
The company may not be a household name, but its rise in India signals something big. For StoneX, the future is not being built in boardrooms. It’s being built in code.
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