Lirunex's CEO Jack Foong Charts Course for Future Growth Amid Market Changes

Navigating the rapidly evolving trading landscape, Lirunex unveiled a set of strategies to meet the demands of global investors. The strategic roadmap includes expanding into key markets, upgrading its regulatory licenses, and enhancing its service offerings.

LIMASSOL, Cyprus, Oct. 25, 2024 /PRNewswire/ -- Lirunex, an award-winning CFD and Forex brokerage, is set to accelerate its global growth trajectory under the strategic leadership of CEO Jack Foong Kim Weng. With over 16 years of experience in the trading industry, Jack has been instrumental in transforming Lirunex from a small trading venture into a prominent brokerage that prioritizes transparency, safety, and trustworthiness. As a seasoned entrepreneur and one of the distinguished alumni leaders from Multimedia University Malaysia, Jack's vision has continuously shaped the company's values and strategic direction.

Jack's journey from a passionate day trader to a renowned entrepreneur is one marked by resilience, adaptability, and keen market insights. His deep experience across various roles, including introducing broker (IB) and fund manager, has provided him with a profound understanding of client needs and industry trends. Under his leadership, Lirunex has not only expanded its market presence but also set ambitious goals for the future, with plans to upgrade its EU and Labuan licenses and explore AI-driven trading solutions.

"At Lirunex, we are committed to creating a fair and transparent trading environment, staying true to our core values," said Jack. "As we continue to grow, our mission is to provide the best possible service and remain the top choice for clients trading CFDs. I believe our future lies in not only meeting the expectations of global investors but exceeding them through technological innovation and unwavering commitment to trustworthiness."

Lirunex's growth has been particularly strong in Southeast Asia, and Jack now aims to replicate this success in East Asia and the MENA region. As part of its strategic roadmap, the company plans to transform its Labuan entity into a full-fledged investment bank within the next three to five years. This will enable Lirunex to diversify its offerings with comprehensive services such as wealth management and investment advisory, catering to a broader range of client needs.

Jack's leadership philosophy focuses on empowering his team through clear communication, continuous learning, and fostering a zero-complaint culture by offering comprehensive training. His dedication to maintaining an agile, client-first approach has helped Lirunex earn its reputation as a reliable and transparent brokerage.

In addition to its robust portfolio of forex, CFDs, stock indices, precious metals, and energy markets, Lirunex distinguishes itself with tight spreads, best execution practices, and cutting-edge trading tools. This client-centric approach has helped Lirunex build lasting relationships with traders and introducing brokers (IBs) globally.

Looking ahead, Jack remains confident that Lirunex will continue thriving in an increasingly competitive and regulated environment by leveraging AI innovations and further solidifying its regulatory standing. His remarkable journey and steadfast leadership are a testament to the company's ability to navigate the challenges of the financial markets and deliver superior trading solutions.

For more information about Lirunex, please visit www.lirunex.com

About Lirunex

Lirunex is a licensed brokerage with presence across Europe and Asia and key markets in Singapore, Hong Kong SAR, Thailand, Vietnam, Mainland China, Indonesia, Philippines, and MENA region. Lirunex's goal is to deliver superior services in currency trading, along with CFDs, equity indices, precious metals, and energies, whilst our clients remain satisfied with their trading experience, offering tech insights, tight spreads, and best execution practices.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Lirunex's CEO Jack Foong Charts Course for Future Growth Amid Market Changes

BEIJING, Oct. 25, 2024 /PRNewswire/ -- A news report from chinadaily.com.cn：

At the ongoing BRICS Summit in Kazan, Russia, the leaders of BRICS member states are focusing on strengthening strategic partnerships and enhancing the grouping's role in international affairs.

BRICS has a multi-tiered framework of pragmatic cooperation in fields such as economy and trade, finance, technology, agriculture, culture, education, health, and so on. It has become a constructive force in promoting global economic growth, enhancing global governance, and advancing the democratization of international relations.

The grouping also has to strengthen the roles of its member states in the global monetary and financial system, deepen interbank cooperation, facilitate the transformation of the global settlement system and expand the use of national currencies of BRICS member states to settle payments.

The BRICS summit is becoming increasingly important for the countries of the Global South, because the grouping is no longer just a platform for economic cooperation, but has become an effective and important means for the Global South to build a safer and fairer world.

International organizations and institutions were established after the end of World War II to realize global stability and development for all. The whole world has realized the pressing need to abide by international or humanitarian law, or adhere to the United Nations Charter or UN agencies' rules.

According to the World Bank Group's estimates, Africa's total external debt reached $1.15 trillion in 2023, compared with $1.12 trillion in 2022, with some estimates suggesting the debt could reach $2 trillion by the end of this year.

This means Africa's debt challenge will continue in the near future, especially because global interest rates have reached the highest level in 40 years. Also, African countries have suffered due to declining export revenues since commodity prices began falling in 2015, with the COVID-19 pandemic further worsening the situation.

The fall in commodity prices has reduced the foreign exchange earnings of the Global South countries, which need them to service their loans. Many countries have taken out new loans to pay off old debts, putting them in a debt spiral that prevents them from investing in infrastructure, healthcare systems and education. In fact, the World Bank said last year that 22 countries were at risk of "over-indebtedness". African countries alone will have to pay $163 billion in debt service in 2024, a sharp increase from $61 billion in 2010.

About 80 percent of these debts are to international institutions including the World Bank and the IMF. China, too, has given loans to the African countries to boost their infrastructure development. But China accounts for only about 11 percent of African countries' total loans, which fortunately are all investment projects that promote Africa's economic growth.

As for the five countries that formally participated in BRICS cooperation on Jan 1, they have outstanding financial capability and development potential. For example, the United Arab Emirates has the capability and means to finance and invest in major projects, and Egypt is a large country occupying a strategic location with expertise in the field of agriculture and communications.

BRICS now accounts for 37 percent of global GDP, 46 percent of the world population, about 40 percent of global oil production, and 25 percent of global exports. By becoming BRICS members or partnering BRICS, African countries can create a lot of opportunities for themselves and thus further boost the growth of their economies despite the many challenges.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

BRICS creates new opportunities for Africa