Commerzbank announced today its investment in bolstering its foreign exchange (FX) capabilities in Singapore.
With backing from the Monetary Authority of Singapore (MAS), the bank has integrated into the Singapore Server One (SG1) data center and its FX ecosystem.
This strategic move aims to enhance FX trade execution in the region, providing faster and more efficient local FX infrastructure.
Dmitry Ilyaev, Global Head of eFX based in Singapore, emphasized the importance of this investment, stating, “In a sector where microseconds count, we knew it was important to embrace this opportunity.”
Commerzbank operates FX trading teams in Frankfurt, London, Singapore, and New York, maintaining a 24-hour, 5.5-day business model through a low-latency network.
The bank also has a Capital Markets team in Shanghai offering Renminbi (RMB) related products and risk management solutions.
The co-location in Singapore is expected to strengthen the bank’s FX infrastructure in the region and provide Asian clients with more efficient FX hedging solutions.
“We continue to look for opportunities to enhance our electronic trading franchise globally and are really pleased to become a part of the SG1 eFX ecosystem,” said Jack Jiang, Head of Capital Markets, Asia, based in Singapore.
Lim Cheng Khai, Executive Director of the Financial Markets Development Department at MAS, welcomed Commerzbank’s integration, stating, “MAS welcomes the addition of Commerzbank to SG1 and the Singapore eFX ecosystem, to strengthen its FX infrastructure, and provide Asian-based participants with a wider suite of FX products and solutions.”
Commerzbank remains committed to contributing to a vibrant technology ecosystem for the financial sector in Singapore.
Business-News-Asia.com