R5FX, an emerging marketplace for local market foreign exchange (FX) trading, has unveiled several new member appointments to its board, according to an R5FX statement.
R5FX is a London-based FinTech start-up that is presently in beta testing – the group is slated to launch later this year. Furthermore, the group is also eyeing a foray into emerging market (EM) currency trading, in line with the market-wide transition of trading capabilities for participants. This includes a changeover of voice trading to a more transparent and efficient screen-based market, whereby boasting deeper liquidity and increased capacity.
The new board appointees to R5FX include (Lord) Howard Flight, an acting member of the House of Lords and holder of several Directorships from leading financial institutions – he joins R5FX with a specialty and focus on EM. Currently, he serves as the Director of Investec Asset Management and Chairman of CIM Investment Management.
How the FX Industry Can Benefit from Outsourced ITGo to article >>
In addition, R5FX has secured the services of Eng Huat Tan, who joins the group with over three decades of experience in the financial industry, namely across treasury and capital markets in Asia. He most recently worked as the Head of Global Treasury at OCBC in Singapore, with additional stops at Dresdner Bank, having held a number of senior level roles, among others.
Chung Min Pang has also joined R5FX’s board after garnering extensive experience in the EM realm. As part of a 35-year banking career, Mr. Min Pang has worked at Bank of America, Salomon Brothers and the World Bank. He also formerly worked as a partner at Clove Capital Partners and is presently an adviser to Clove Capital Partners and Atlas Capital Group.
According to Jon Vollemaere, CEO of R5FX, in a recent statement on the board appointments, “Howard Flight, Eng Huat and Chung Min bring a wealth of financial markets experience to our board, with specific expertise in emerging markets. Their senior level relationships will help to expand our community of banks, non-bank market participants, central bankers and regulators. With a detailed understanding of emerging market trading, our board has helped to define our proposition and deliver true innovation, moving R5FX forward significantly as we progress towards launch.”
Back in July, R5FX announced a technological partnership with smartTrade Technologies. Under the terms of the agreement, SmartTrade opted to build on its existing solution to accommodate the needs of an emerging markets currency trading platform.