UBS is launching a partnership with the Monetary Authority of Singapore on foreign exchange. The move underscores the Swiss bank's strong ties in the city-state.
Zurich-based UBS will launch a foreign exchange pricing and trading «engine» dubbed eFX in Singapore by the middle of next year. The project is being undertaken together with the Monetary Authority of Singapore, or MAS, the city-state's financial regulator and central bank.
The joint move illustrates how deeply embedded the Swiss bank is with Singapore officials. While the city-state officially ditched its major stake in UBS last year, MAS continues to tap UBS for projects like an attempt to digitize know-you-customer checks on clientele.
Singapore Reinforced
The effort is meant to improve liquidity and foster more transparency and efficiency in FX trading markets. UBS is in the top-five of currency dealing banks, behind Citi and JP. Morgan. «This builds on our vision of enhancing the eFX trading infrastructure, as articulated in our Financial Services Industry Transformation Map, co-created with the industry,» MAS financial markets development head Alan Yeo said.
The move strengthens UBS in Singapore, where the Swiss bank centers its foreign exchange, rates, and credit business in Asia. The bank's only recent glitch in Singapore was over 1MDB, which UBS didn't entirely escape.
