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 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 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.
