The Tune Group, which operates AirAsia and Tune Hotels, has signed a new deal that will see it enter the foreign exchange sector.
A Memorandum of Understanding (MoU) signed with Abu Dhabi-based ADS Securities paves the way for Tune to develop a number of initiatives in relation to forex brokerage services. The first of these will be the launch of Tune FX. Set to commence operations in September 2013, the new unit will see Tune use its marketing reach to introduce prospective new customers to ADS Securities’ forex services.
“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,” said ADS Securities’ vice chairman & managing director, Philippe Ghanem. “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,” added Tune’s co-founder and executive chairman, Tony Fernandes. “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.”
Tune FX will complement the group’s existing financial operations, which include Tune Money and Tune Insurance.