To accommodate expansion plans in the Asia-Pacific region, MonFX, a local subsidiary of global financial services company Monex Europe Holdings, has moved into a larger office space in Singapore. In addition, the company has appointed David Venn as the Head of Sales to lead the expansion.
MonFX Expands Asia Pacific Presence with New Singapore Office
At a ribbon-cutting ceremony on 18 January, the CEO of MonFX, Alvin Lai, announced the company will be increasing its sales team headcount 80% in 2024 to boost operations and serve its growing client base across Asia-Pacific.
"Singapore is a key global hub for our clients, with world-class infrastructure and business-friendly policies," said Lai. "As we continue serving existing clients and expanding our clientele among institutional and corporate entities, the new office will allow us to scale up, attract talent, and elevate service standards."
This year, MonFX aims to increase profitability 200% by leveraging its expertise in derivatives, hedging strategies, and digital solutions. The company also has plans to boost growth by entering neighboring Asia-Pacific markets.
The office opening in Singapore came more than two years after the company obtained licenses to operate in the local payment market. The Monetary Authority of Singapore granted the Capital Market Services authorization three years after MonFX began its operations in the country.
The ribbon-cutting event was attended by Tom Farrow, the Group Director of Trading at Monex Europe, Mexico's Ambassador to Singapore Agustin García-López Loaeza, and Gerson Garduño, the CEO of the Singapore Mexico Chamber of Commerce.
New Head of Sales
In addition to the opening of the new office, MonFX has appointed David Venn as the Head of Sales. With over 10 years of experience building institutional and corporate client bases, Venn will oversee driving business growth in the region.
“Our clients are turning to us and our products and services frequently to help them meet their FX risk management needs,” Venn commented. “I am honored to lead the Singapore Sales team as we work towards expanding our institutional and large corporate client base in the Asia Pacific and continue driving business growth.”
The Monetary Authority of Singapore licenses MonFX Pte. Ltd. as a Major Payment Institution and holds a Capital Markets Services license. The company provides foreign exchange and payment solutions to clients across Asia.
