A German financial technology company launched its stock on the Singapore stock exchange, the first fintech to be listed in the city-state.

German fintech Ayondo listed its shares on the Catalist board of the Singapore exchange on Monday. The price came in two Singapore cents, or 7.7 percent lower than its initial public offering price of S$0.26, the firm said on its website.

Founded in 2008, the fintech specializes in financial trading technologies for retail and institutional customers. Ayondo claims to be disrupting the traditional asset management industry through a combination of trading and investment while utilizing social media channels, in what it calls «Social Trading

Ayondo is based in Frankfurt and has offices in the U.K., Singapore, Spain and Switzerland.