back Back

Deutsche Bank to launch e-FX trading hub in Singapore

By Edil Corneille

June 11, 2020

Share

Deutsche, bankDeutsche Bank announced today its intention of establishing an electronic foreign exchange (e-FX) hub in Singapore. The bank will develop an FX trading and pricing engine onshore in conjunction with the Monetary Authority of Singapore (MAS). Earlier this month, BNY Mellon announced its partnership with MAS in the building of an FX pricing and trading engine as the bank continues to enhance its foreign exchange presence in the region. The Singapore e-FX hub by Deutsche Bank will provide clients with the ability to execute FX transactions more closely aligned with the geographic location, reducing latency, improving on local price transparency and liquidity.

Deutsche Bank Head of Fixed Income and Currencies APAC, Head of Corporate Bank APAC and Chief Country Officer, Singapore David Lynne said, “Given the substantial increase in demand for Asia currency e-FX we have seen in the past five years, growing client sophistication in e-FX trading, and the MAS’ focus on further developing the leading FX centre in the region, hubbing this activity in Singapore makes perfect sense.”

The Monetary Authority of Singapore Executive Director, Financial Markets Development, Gillian Tan said, “We are heartened by Deutsche Bank’s commitment to build its fourth global FX electronic pricing and trading engine in Singapore, which will complement its APAC fixed income & currencies and global transaction businesses operating here. This will allow Deutsche Bank to build on its strengths as a key global FX player and support its regional clients with enhanced price discovery and execution from Singapore, while leveraging Singapore’s strengths as Asia’s pre-eminent FX centre.”

As global cross border payment processes rapidly move towards being completely digital, the bank will further develop its Singapore infrastructure to be the payments hub for transactional FX business in APAC. This will enable it to offer faster, automated FX and payment processes across the high growth but complex Asia markets, creating a center of excellence to drive digital real time treasury and open banking from Singapore into payment corridors across the region and globally.

Co-Head of APAC G10 FX Lee Merchant said, “Deutsche Bank’s current e-FX platform spans a wide range of tools for both institutional and corporate clients, with a focus on algorithm and API technology. We have successfully developed these solutions in Singapore and the broader APAC region; we will continue to invest heavily into this area.”

Previous Article

June 11, 2020

Goldman Sachs joins CLS, IHS Markit cross-currency swaps service

Read More
Next Article

June 11, 2020

Ingenico & Oro team up to create customised checkout experiences for B2B retailers

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 06, 2024

The Weekly Wrap: all you need to know by Friday COB | December 6th

Read More

December 06, 2024

FinTech Focus: Catch latest developments of the week

Read More

December 06, 2024

Are Indian banks ready for cyber threats? 2,500 weekly attacks say NO!

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More