MonFX Gains CMS License from Singapore Regulator

Singapore-based MonFX, a commercial foreign exchange (forex) services firm, announced on Monday that it has received a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).

“This marks a significant milestone for MonFX, and we are delighted to be able to offer these additional FX services to our valued clients based in the APAC region,” said Alvin Lai, the Chief Executive Officer at MonFX.

“With the CMS license in place, we are confident that MonFX will be able to raise the bar at our client service levels.”

MonFX is an independent subsidiary of Monex Europe Holdings Limited and started its operations in Singapore in 2018. The offerings of the company include over-the-counter (OTC) derivatives contracts to accredited or institutional investors for managing foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term risks.

Two Licenses

Apart from the recently obtained CMS license, the company is already holding a MAS’ license as a Major Payment Institution for cross-border money transfer services, which makes it one of very few companies holding both licenses.

Other companies holding both licenses in Singapore are Western Union Business Solutions and American Express.

“The company’s dual license status bears testament to its strong governance structure, track record and qualifications, as well as experience, while upping MonFX’s ante another notch in both the FX and payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term spaces,” MonFX stated.

Moreover, it is optimistic that the dual license structure will help in better serving its clients with their FX risks in an industry that is facing volatility threats from the new Coronavirus variant.

“The CMS license allows us to work with our clients to put a strategy in place to hedge and protect against downside risk. In conjunction with our existing Major Payment Institution license, MonFX will be uniquely positioned to anticipate and meet the evolving needs of businesses in this region going forward,” the CEO added.