They say a company is judged by the caliber of the talent it can attract. If that's true (and it is), then Indo Global Exchanges PteLtd (OTCMKTS:IGEX) should have little problem successfully completing its mission of becoming in Indonesia what E-TRADE Financial Corporation (NASDAQ:ETFC), Charles Schwab Corp. (NYSE:SCHW), and TD Ameritrade Holding Corp. (NYSE:AMTD) became here in the United States ... a dominant force in the stock brokerage world, and the face of online trading. The only difference is, IGEX may finish its mission a lot faster than AMTD, SCHW, or ETFC did. See, Indo Global Exchanges PteLtd's target market is already fully online and in love with the internet (Indonesia has a bigger Facebook-user populous than the United States, for cryin' out loud), and there's no online-trading competition in sight.
Yes, you read that right - IGEX is taking dead aim at Indonesian investors, and if you think it's a market not worth a brokerage firm bothering with, you're wrong.
See, Indonesia is now going through the same economic and social overhaul that the United States went through in the mid to late-90's, and the one China went through about five years ago, marked by the rise of the middle class as a serious consumer market, and the creation of disposable income the middle class never really had before. They're spending some of it, but like everyone else in the world, they'd really like to make their extra money work for them. Indo Global Exchanges PteLtd believes about 30 million Indonesians are ready willing and able to become users of the company's online trading platform, with another 110 million "almost ready" clients waiting in the wings.
Those details are academic at this point, however. What really makes IGEX so compelling right now are not one, but two major personnel coups the company notched on its belt recently.
The first one is the addition of George Sarros (no, not George Soros the hedge fund manager) as the VP of Compliace and Affiliate Partner Relations. He's been in the business - in similar roles - for more than 25 years, with all of that experience coming in the Pacific market. He knows what he's doing, and how to do it. The company as well as IGEX shareholders are looking forward to seeing Sarros tap into his address book and bring 25 years worth of new partners and business relationships to the table.
Speaking of rolodex-tapping, Indo Global Exchanges PteLtd's latest addition is equally potent in that way. It was just announced today that John Sofarnos is joining the IGEX Board of Directors.
Sofarnos isn't a necessarily a long-term financial services veteran. But, being one of Australia's and New Zealand's most prolific names in the automotive-parts world, he proverbially knows everybody (and their uncle) in that quarter of the world. His last position, however, melds high-profile name with some very relevant experience. Sofarnos comes to the Indo Global Exchange board straight from Australian Stock Report, where he held the position of Managing and Executive Director. He held that role for six years, which ultimately ended in the sale/acquisition of that company for a tidy profit. One has to wonder if he's going to guide Indo Global to the same fruitful end.
Whatever the long-term outcome of Sofarnos' addition is, the near-term point is, IGEX is bringing in a lot of heavy-hitter names that have a history of getting things done. These guys largely have their picks of jobs and roles, and they fact that they chose to get involved in what Indo Global Exchanges PteLtd is doing speaks volumes about the caliber of the company itself. It may be time to take a very close look at IGEX.
For more information on Indo Global, visit the SCN research page here.
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