SynOption, a financial technology startup headquartered in Singapore, recently introduced its platform for electronic foreign exchange options (FX options) trading earlier this month. As an institutional platform, the fintech startup enables traders and investors to request quotes from several different banking institutions for the purpose of executing foreign exchange options on a concentrated platform. The fintech startup has stated that it will allow traders and investors to analyze and trade markets in sixty currency pairs. Additionally, the fintech startup ensures that their investors and traders are provided the most advantageous order executions given the prevailing market conditions and environment, hence fulfilling its responsibility of best execution for its customers and clients.
SynOption has been given approval by Singapore’s central bank, the Monetary Authority of Singapore (MAS), to participate in its Sandbox Express. It is just one of two firms to have successfully secured approval from MAS to participate in the Sandbox Express regulatory framework thus far, the other one being BondEvalue, a trading platform for bonds. The Sandbox period for SynOption is from January 1, 2020 to September 30, 2020, totalling nine months. During this timeframe, the fintech startup, which is the first ever institution to be inducted into the MAS Sandbox Express framework, will set up and manage an organized market with the suitable regulatory support and backing of MAS, which will relax certain specific regulatory and legal requirements so that SynOption may operate its innovative electronic foreign exchange options trading platform.
The fintech startup is fully committed to supporting Singapore’s vision of becoming a leading foreign exchange trading hub for the region of Asia. Towards this end, the financial technology firm will concentrate on the derivative side of the market. To help Singapore become a premiere FX trading hub, SynOption will focus on providing high quality services such as low latency access for its clients based in Asia, establishing a fair system that provides protection of liquidity in illiquid markets for price makers through the use of proprietary algorithms, as well as an intuitive workflow for its customers and clients that enables them to be better informed about the market environment and its conditions through non-discretionary tools.
According to Anchal Jain, chief executive officer and founder of SynOption, the fintech startup’s vision is to provide an intuitive electronic trading platform in the foreign exchange options market, which is currently very much a laggard in an increasingly electronic trading-dominated world for most linear products. As the fintech firm gains a more solid footing in the country of Singapore, it intends to gradually expand its geographical and product reach across the region. To achieve this, Anchal Jain noted that the company is always on the lookout for more highly capable talent to join them.
SynOption, the fintech startup, has already partnered with some of the most reputable and biggest banking institutions in order to offer liquidity in the foreign exchange options space, with participating banks providing this liquidity from their Asia-based pricing systems. The financial technology firm has also begun onboarding Singapore-based institutional clients onto its platform. As Singapore moves to become a leading player in the FX trading space in Asia, SynOption will be there every step of the way by focusing on the derivative segment of the market.