MonFX to Expand Presence in Asia with CMS License

Fazzaco learned that MonFX, a specialist in commercial foreign exchange, has obtained a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).

As an independent subsidiary of Monex Europe Holdings Limited, MonFX started its operations in Singapore in 2018, and now becomes one of few companies that hold both CMS license Sand the Major Payment Institution (MPI) license.

According to the company, 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.

"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. 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."