||Asean Affairs 28 May 2013
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.