R5 Garners Live Trading Authorization from MAS

The authorization will help tap into many EM and local market currencies dealt in Singapore.

R5, an emergent marketplace for local market FX trading, has announced the initiation of live trading in Singapore, after it garnered authorization from the Monetary Authority of Singapore (MAS), expanding the group’s reach in the Asia-Pacific (APAC) region, according to an R5 statement.

R5 is a London-based FinTech start-up that underwent beta testing in Q4 2015, which has since permeated a number of emerging and regional markets, with a main inclusion being the Latin American (LATAM) space. R5 has also been a staunch advocate for a shift away from voice trading to a more transparent and efficient screen-based market as it gears up an expansion into EM.

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R5 had originally gone live with London clients during the Q1 of 2015, for eNDF trading. While past initiatives have focused on other emerging markets (EM), namely LATAM, its latest ambitions in Singapore are of strategic importance for a broader APAC strategy, culminated in its Association of Southeast Asian Nations (ASEAN) launch, given the robust volumes of EM and local market currencies dealt in Singapore.

According to Roy Koh, Director, Asia Business Development at R5, in a recent statement on the authorization: “With its modern infrastructure and political stability, Singapore is a major centre for FX trading. It continues to see significant FX volumes and a sizeable share of G10 and emerging market e-trading.”

“Many of our Singapore clients were involved at the inception of R5, seeking an electronic alternative for NDFs and emerging market FX to better service their customers and hedge their risk. It’s their market, and our job to provide new sources of liquidity, as well as improve the market structure. With their input we have developed our purpose-built platform, to which we will be adding more emerging market currencies and new services throughout 2016,” added Jon Vollemaere, Chief Executive Officer (CEO) of R5 in an accompanying statement.

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