ADS Securities signs Memorandum of Understanding with Asian conglomerate Tune Group
Monte Carlo, Monaco,
Monday 27th May, 2013
– In a landmark strategic alliance, ADS Securities, the Abu
Dhabi-based brokerage and financial services trading company today
signed a Memorandum of Understanding (MOU) with Asian conglomerate Tune
Group that will pave the way for a proposed collaboration
to develop a number of business opportunities in relation to innovative
foreign exchange (FX) brokerage services.
The Tune Group is co-owned by Malaysian entrepreneurs Tony Fernandes and Kamarudin Meranun, the team behind
Asia’s leading and largest
low-cost carrier AirAsia and the Caterham F1 Team. Fernandes and
Meranun are helming AirAsia as its Group CEO and Deputy Group CEO
respectively.
ADS
Securities and Tune Group will be working together to explore how the
global brokerage services of ADS Securities can be used to provide
mutually beneficial investment
and business opportunities. Subject to regulatory and legal approvals,
the first initiative under the MOU will be the launch in September of a
new Tune Group brand, Tune FX. The objective will be to use Tune FX’s
marketing reach to introduce prospective
customers to the forex trading services platform powered and licensed
by ADS Securities.
Present
at the MOU signing were both Tune Group’s founding members as well as
ADS Securities Chairman, Mahmood Ebraheem Al Mahmood and Vice-Chairman
and Managing Director,
Philippe Ghanem. Commenting on this historic collaboration, Mr Ghanem
said:
“Both
ADS Securities and Tune Group share a lot of synergies, including a
successful entrepreneurial spirit and a drive to continue developing our
service offerings
to meet customer needs. The signing of this agreement is the start of a
successful linking of our world class brokerage services with the
portfolio of financial services offered under the Tune Group.”
“Tune Group is extremely pleased to be collaborating with ADS Securities.
The Tune Group has
continued to demonstrate that its philosophy of offering accessible
world class and innovative services which cater to the communities in
Asia and beyond is a winning formula. Whether it
is in hospitality, sport or finance Tune Group offers high quality
products and by partnering with ADS Securities we can extend exceptional
services and opportunities to the Asia region. We look forward to an
innovative and exciting partnership with ADS Securities,”
commented Tony Fernandes, co-founder and Executive Chairman of Tune
Group.
Ali
Rafi, Tune Middle East’s CEO, who introduced the two companies, added:
“We are delighted that ADS Securities and Tune Group will be working
together to explore business
opportunities. This is an innovative and exciting partnership which
brings together world class brokerage services with unique access to
Asian consumers. It is a new commercial model which we think will
provide benefits for both companies.”
Tune
Group was established in 2007 with the aim of breaking down
affordability barriers in various aspects of daily life via Tune
Hotels, Tune Talk, Tune Money and Tune Insurance. Tune Group’s
portfolio today also includes the automotive technology company Caterham
Group and the English football team Queens Park Rangers (QPR).
ADS Securities is head quartered in Abu Dhabi and is fully regulated by the Central Bank of the UAE.
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