Fintech firm Ayondo ends flat on Catalist debut

Global fintech group Ayondo yesterday made its debut on the Singapore Exchange (SGX) Catalist board, closing unchanged at its initial public offering (IPO) price of 26 cents.

The first fintech company to be listed on the Singapore bourse, Ayondo offers social trading and brokerage services to both business-to-consumer and business-to-business clients through two proprietary platforms: WeTrade and TradeHub.

TradeHub is for self-directed trading, while WeTrade is for social trading, where traders can view one another's portfolios and trading performance, as well as share and follow one another's investment strategies on a real-time basis.

The group offers contract for differences and spread bet trading across various markets and financial products such as forex, treasuries, cryptocurrencies and shares.

Educational and casual trading services will also be offered by its partners via mobile applications.

"We are excited to welcome Ayondo, one of the fintech pioneers in Europe that has leveraged opportunities in emerging digital technologies and changing trends in the financial industry," said SGX head of equity capital market and head of capital market development Mohamed Nasser Ismail.

The loss-making social trading broker's IPO drew roughly 41/2 times as many applications as there were shares in the public tranche.

A version of this article appeared in the print edition of The Straits Times on March 27, 2018, with the headline 'Fintech firm Ayondo ends flat on Catalist debut'. Print Edition | Subscribe