MetaBit announces the opening of a dedicated offshore development centre in Dalian, China. Staffing and line management have been outsourced to Tiger Stone International, Dalian Branch, a subsidiary of Tokyo based Tiger Stone International Co., Ltd. (TSI).
TSI is a specialist solution provider that services Japan's financial industry with China based offshore development, and also offers a proprietary product line in the area of algorithmic trading and risk management.
The new dedicated development team managed by Tiger Stone International will focus on providing MetaBit with additional development capacity for rapid expansion of their intuitive XiliX trading platform and ALPHA low-latency FIX exchange gateways to Asian markets.
"After careful evaluation of several options for offshore development, MetaBit has selected Tiger Stone International in Dalian, China to be the responsible party to offer us their services. Of particular importance in the selection was our confidence in Tiger Stone International's trusted leadership and professional skill set," comments Daniel Burgin, MetaBit CEO who continues, "Cost effective labor is still plentiful in Asia, but eventual success, efficiency and longevity of offshore development are built on trust and the quality of local management to represent our interests. TSI offered low cost development in China, trusted leadership, and extensive technical and business experience in the financial industry, proving a compelling solution. This new partnership represents an important milestone in MetaBit's strategic expansion in Japan and Asia."
John Edwards, MetaBit CTO explains, "Sydney will remain the core development centre of MetaBit and will continue to grow, albeit at a slower rate than in 2008/2009. Jointly with Tiger Stone we have established an extensive know-how and training program to create an efficient and solid China based development centre."
Huyan Song, Tiger Stone International CEO ,was born and educated in Mainland China and has spent his working career in Japan's financial industry, gaining specialist expertise in the FIX Protocol, risk management and algorithmic trading solutions.
Song comments, "Tiger Stone delivers a dual sa dual service to the financial industry; the combination of providing offshore services, and licensing our own product line which focuses on algorithmic trading and risk management solutions for buy and sell side clients. Due to our industry expertise, we employ skilled labor that is bilingual Chinese/English or Chinese/Japanese. We have had a successful partnership with MetaBit since 2008, with focus on product synergies. Today, I am pleased that the relationship has expanded to leverage Tiger Stone's offshore development services. As of October, an initial six of our Dalian based staff have been dedicated to MetaBit, and are currently undergoing an extensive training program to familiarize themselves with MetaBit's technology and products. Tiger Stone's own product line of algorithmic trading and risk management is tailored for mid-tier securities firms that face the need to offer such services to institutional buy sides, but suffer from lack of internal resources and expertise."