INFINOX’s Jay Mawji on team changes, copy trading, B2B services and more
FNG Exclusive Interview… Those of you following FNG on a regular basis will have subtly noticed a number of management and product changes at leading online broker INFINOX over the past few months – everything from some team members leaving and new senior hires, to a revamped IX Social 2.0 app and expanded B2B services through its IXO Prime unit.
We thought that it would be a good time to catch up with London based INFINOX Capital Director Jay Mawji about all these changes, and what’s ahead for the multi-faceted INFINOX. Here is what he had to say.
FNG: Hi Jay, and thanks for joining us today. We understand that some key changes have been afoot at INFINOX, including among some senior personnel. Can you let us know more about what has been going on?
Jay: The INFINOX brand has been one of the most successful brands in the industry for a number of years. We have established our business under a number of regulations (FCA, SCB, FSC, FSCA), regions (AFRICA, ASIA, LATAM) and products (IX Partners, IX Social, IXO Prime, IX One). We have come off an incredible run the past few years, with some of our KPI metrics significantly higher than we could have anticipated.
As with all businesses, we continue to refine our model to ensure that we stay competitive and maintain our position as a market leader. Unfortunately, with the restructure, some of the teams and individuals at INFINOX have moved on to new roles; it’s never an easy process to go through but we are proud to see so many INFINOX’ers move on to new and important roles at other firms – this is testament to their talent and the great things we achieved together.
Our focus has always been about a Premium Partner Experience and being a Trusted and Reputable broker. We are focused on taking that up to a new level; evidenced by some of the new technology we have already introduced such as our new Partner Portal, IX Social 2.0, IX One (with a new version soon to be released).
FNG: INFINOX recently released version 2.0 of the IX Social copy-trading app. How has social and copy trading been adopted at INFINOX since the original release of IX Social? And, what’s new in the 2.0 version?
Jay: The first win in any technology deployment is to see an instant uptake from existing users with little or no disruption; objective achieved. We have seen a number of new strategy providers and clients engage with the new version of the app, particularly in LATAM and Asia – it is certainly ahead of our projections.
IX Social 2.0 is a whole new rebuild of the underlying infrastructure to build enhanced stability for growth and reliability (we need it given the success of the product!). The User Experience is developed on our previous success and clients have updated features on Risk Management (per order, per strategy and per account). It is also more cost effective, which means we can remain extremely competitive in pricing on execution. We have additional development in the pipeline and will be introduced through periodic updates.
FNG: How has your IXO Prime B2B solution been doing lately? From that perspective and your work with other brokers, what changes and trends do you see in the FX/CFD brokerage world lately?
Jay: Our Prime offering was born from a number of key relationships and these have continued to develop. Our ability to develop these relationships and provide the premium service you would expect from INFINOX, means our Prime business continues to lead the way.
There have been considerable changes in the Prime business over the past 6 months; we have seen the general offering change across the majority of the brokerages. Partly down to the underlying market and the ‘attitude to risk’, partly down to firms focusing on particular product offerings and target market markets. The Prime business is incredibly competitive and incredibly dynamic; we see more clients focusing on the quality of execution and reliability of providers and less on pricing, margin and range of product offering. It doesn’t mean there is space for complacency; quite the opposite!
FNG: There’s been a lot of talk about AI generally (and ChatGPT specifically) in the FX world, and how it might affect trading and be employed by brokers in various ways. How has INFINOX approached AI? Anything to share with our audience about AI and the trading world?
Jay: AI seems to be all the rage! I have to admit, it isn’t something that has made it to the top of our priority list just yet. Some of the talented individuals and teams at INFINOX are exploring it and we are watching to see how it develops. It would be naive of me to ‘dismiss’ it, which I am not, but I can’t say that we are positioned as ‘early adopters’ just yet.
FNG: Where do you see the most opportunity for INFINOX to continue its growth path in the coming months and years? What areas and regions and you focusing on?
Jay: Our core focus is and always has been on a Premium Partner offering and being a strong Trustworthy, reliable brokerage. Our clients are at the centre of everything we do. We have been incredibly successful in ASIA and LATAM and we expect to continue to grow from strength to strength here. Our formula is simple ‘out compete and out perform’
FNG: What else can we expect to hear from INFINOX in the coming months?
Jay: The technology upgrades coming through are particularly exciting, we have touched on IX Social above, we also have the new Partner Portal and IX One Platform with a new partner module due to be deployed. We also have a new project which has just been ‘approved’ that could just be a trump card…
Thank you for giving me the time to discuss INFINOX, we appreciate the opportunity and hope to be able to share our updates and developments as they are rolled out in the near future; at an incredible pace.