TradAir, an Israel-based provider of cloud-based trading technology solutions, today announced a partnership agreement with Singapore-based Snap Innovations, a multi-asset trading software and services specialist, to develop joint FX solutions dedicated to their clients in the Asian market.
Backed by the Singapore-Israel Industrial R&D Foundation, or SIIRD, the two firms will produce a new series of forex solutions specific to Asian markets in a bid to enhance regional liquidity. Recognizing the need to have efficient access to the best pricing capabilities and market liquidity, the cooperation also centers on providing market participants with improved connections to FX venues, bridging the current gap, and facilitates market making between the fragmented OTC and exchange-based regional liquidity pools.
This initiative is one of many projects funded and sponsored by the SIIRD, which is a collaborative endeavour between the Singapore Economic Development Board and the Office of the Chief Scientist in Israel, to support joint projects between fintech companies from both countries.
Snap Innovations was founded in 2011 to support Singapore and China exchanges by providing a multi-asset system and order execution to sell-side and buy-side clients.
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In turn, TradAir’s continued expansion in Singapore aims to tap into one of the largest FX nexuses in the world. Indeed, Singapore is the biggest FX centre in Asia and the third-largest globally after London and New York, according to the 2016 Triennial Central Bank Survey by the Bank for International Settlements.
Chan Eng Chye, General Manager of SIIRD, commented: “We are very pleased to support TradAir and Snap Innovations, exemplary examples of Fintech companies in Singapore and Israel, in their joint research efforts to address challenges facing Asian financial participants. We look forward to supporting more of such collaborative R&D projects between innovative Fintech firms from Israel and Singapore”.
Ayal Jedeikin, TradAir CEO added: “We are excited to be working with the talented team at SNAP Innovations. Together our combined expertise and market understanding will enable us to deliver innovative new solutions to Asian FX market participants.”
Michael Lim, Director of SNAP Innovations, also noted: “Asia is a rapidly growing FX region, and Singapore is the 3rd largest centre globally. This is great opportunity to partner with TradAir to jointly develop innovative FX solutions that address challenges facing Asian market participants.”