- Today, the Ripple partner Monetary Authority of Singapore (MAS) joins hand with the leading global investment company, BNY Mellon.
- However, this partnership aims to create a high-performance FX pricing and trading engine.
- Besides this, the bank sees substantial FX volumes in Singapore for more than 70 deliverable currencies.
Today, the Ripple partner Monetary Authority of Singapore (MAS) joins hand with the leading global investment company, BNY Mellon. Furthermore, this partnership aims to create a high-performance FX pricing and trading engine.
BNY Mellon to launch low-latency electronic FX infrastructure
Moreover, BNY Mellon is planning to introduce an exclusive low-latency electronic FX infrastructure in the Southeast Asian region, in the coming times. This move is to improve execution quality and value revelation for customers at first, on spot.
BNY Mellon & MAS (Ripple partner) launch FX price engine. @Kevin_Cage_ @XRP_OWL @sentosumosaba @cryptopolis_x @Arturo_P_A @Paisan26849860 @val5linx @MatthewLINY @panosmek @LeoHadjiloizou @HamEggsnSam @jungleincxrp @Fame21Moore @BankXRP @XRP_stuart @XrpYoda https://t.co/RTzZoJTX99
— EMBIAGI (@EMBIAGI1) June 4, 2020
A few months ago, The Monetary Authority of Singapore (MAS) has announced that Ripple Labs Singapore can provide certain payment services under exemptions. This license granted by MAS in Singapore is for a limited period.
A significant move towards the bank’s commitment
Moving towards the exclusive partnership, the Head of FX Sales and Trading in Asia-Pacific at BNY Mellon, Darren Boulos gave a statement. He said that this is a prominent step in the bank’s commitment. Specifically towards Singapore which is the core of Asia G10 FX trading, he added.
Furthermore, the Executive Director at MAS, Gillian Tan notified that BNY Mellon is an honoured expansion to Singapore’s FX e-exchanging system. The significance of a strong and flexible framework to help FX exchanging exercises can’t be downplayed, he added.
Besides this, substantial FX volumes in Singapore find their way by the BNY Mellon. This is for deliverable currencies that are over 70 including APAC markets.
The bank launched in Singapore last year a committed FX custody trading desk. However, it opened a Singapore options trading desk and moved the Short-Term Interest Rate Trading (STIRT) business from Hong Kong.