DigitalCFO Newsroom | 13 December 2021
MonFX Pte Ltd announced today that it has successfully obtained a Capital Markets Services licence from the Monetary Authority of Singapore, strengthening its footing as an Asian foreign exchange specialist.
MonFX Pte Ltd, a specialist in commercial foreign exchange, announced today that it has successfully obtained a Capital Markets Services (“CMS”) licence from the Monetary Authority of Singapore (“MAS”), strengthening its footing as an Asian foreign exchange (“FX”) specialist.
As part of the Monex group, a global corporate FX specialist with more than 35 years’ heritage in the FX industry, MonFX is set to boost its line-up in this region by offering over-the-counter (“OTC”) derivatives contracts. Accredited or institutional investors can now trade forward contracts with MonFX to hedge their foreign exchange risks, and benefit from the certainty and flexibility when it comes to business costs.
Mr Alvin Lai, Chief Executive Officer at MonFX said: “This marks a significant milestone for MonFX and we are delighted to be able to offer these additional FX services to our valued clients based in the APAC region. We remain committed to continually innovating and meeting our client’s evolving needs and delivering a first-class trading experience to all. With the CMS licence in place, we are confident that MonFX will be able to raise the bar in our client service levels.”
Ms Lim Mei Shern, Compliance Director at MonFX added: “The MAS’ approval for our CMS licence adds to our resolve to provide clients with best-in-class currency and payments solutions. We are excited to enhance MonFX’s offering to serve the FX risk management requirements of local clients. This achievement is a testament to our global regulatory standing and affirms MonFX’s compliance standards and our growth trajectory.”
Upping the ante in FX and payments
MonFX now joins a handful of companies in Singapore which also hold MAS’ licence as a Major Payment Institution for cross-border money transfer services, in addition to the CMS licence. The company’s dual licence status bears testament to its strong governance structure, track record and qualifications, as well as experience, while upping MonFX’s ante another notch in both the FX and payments spaces.
“Given the current uncertainty around the new Omicron strain which could put a dent in business and consumer confidence and global economic recovery, we may potentially witness greater volatility and sell-off in global markets in the coming weeks. It is more critical than ever that FX providers are able to offer streamlined, secure solutions amidst such market conditions.”
“As we continue to navigate the ongoing pandemic, businesses will be constantly challenged to adapt and pivot. The CMS licence allows us to work with our clients to put a strategy in place to hedge and protect against downside risk. In conjunction with our existing Major Payment Institution licence, MonFX will be uniquely positioned to anticipate and meet the evolving needs of businesses in this region going forward,” added Mr Lai.
MonFX was established in Singapore in 2018 to provide FX and payments solutions to clients in Asia. Anchored by its leadership’s expertise in Singapore, the MonFX team will provide expert advice and support foreign exchange trading in the Asian time zone.
Mr Lai brings extensive experience in strategic planning and market knowledge while Ms Lim’s previous role as the Deputy Director of the MAS will further fortify MonFX’s operations.
About MonFX Pte Ltd
MonFX is an independent Asia-Pacific subsidiary of Monex Europe Holdings Limited. Monex Europe
Holdings Limited operates various subsidiaries in the FX industry; Monex Europe Limited and Monex
Europe Markets Limited in the UK, Monex Canada Inc. in Toronto, Canada, and MonFX Pte Ltd in
Singapore. The Monex Europe group of entities are ultimately owned by the parent group, Monex SAB
de CV (“Monex Group”), a publicly listed financial services institution (BMV: MONEXB) in Mexico.
Based in Singapore, MonFX is a commercial foreign exchange specialist. The company offers a range
of corporate payment and foreign exchange services, designed to help clients mitigate their exposure
to FX volatility risk and help businesses manage cross-border payments with greater efficiency. MonFX
was established in 2018 as part of the group’s global expansions, to support our clients’ needs in the
Asian market and local time zone.
MonFX is licenced and regulated by the Monetary Authority of Singapore as a Major Payment
Institution for cross-border money transfer services under the Payment Services Act 2019 and as a
Capital Markets Services licence holder for dealing in over-the-counter derivatives contracts to
accredited and institutional investors under the Securities and Futures Act.
About Monex SAB de CV (“Monex”)
Monex SAB de CV (“Monex”), is an investment grade, publicly listed financial services institution
(BMV:MONEXB). The group’s principal activity is the provision of international payment solutions and
foreign exchange services to corporate clients, and in 2020 celebrated 35 years of cross border
transactional experience. In 2018, Monex Group was responsible for $189 BLN USD worth of
deliverable FX transactions, and in 2019 held over $5.9 BLN worth of Assets. Monex services more
than 70,200 clients worldwide and employs over 2,800 employees globally in offices spanning Asia,
Europe, North America, and Latin America.