Goldman Sachs reportedly to Launch FX Platform in Singapore

Goldman Sachs is reportedly set to in 2021 launch a foreign-exchange (FX) trading and pricing engine in Singapore.

The firm announced the launch of the platform in a company statement, which is said to be planned for the first quarter of 2021, according to an article by Finews Asia.

The platform aims to deliver improved low latency execution for clients and is built with the support of the Monetary Authority of Singapore (MAS), which aims to develop Singapore as a premier hub for foreign exchange trading in Asia Pacific, says Finews Asia.

David Wilkins, Global Head of Electronic FX Distribution, Goldman Sachs, said: “It makes perfect sense for us to be part of this initiative and to further develop the FX market ecosystem in Singapore, and Asia as a whole.”

According to an article by Bloomberg, which was referenced by Yahoo! News, Singapore’s currency market saw average trading volumes of USD633 billion a day in April 2019, according to the latest data available from the Bank for International Settlements, representing a higher figure than that of Hong Kong and Japan, and trails only the UK and US, the data showed.

E.G. Morse, CEO, Singapore, Goldman Sachs, said: “We continue to actively develop our presence in Singapore and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets.”