UOB is Launching an Electronic FX Pricing Engine in Singapore

According to the latest release, United Overseas Bank Limited (UOB), a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America, has announced that it will build an electronic foreign exchange (FX) pricing engine in Singapore to offer clients in ASEAN and across its global network access to more competitive FX pricing.

Delivering low-latency execution for its clients, UOB expressed that its electronic FX pricing and trading engine would act as the hub to service the Bank's client franchise.

UOB will take advantage of reduced latency via co-location connectivity to improve price discovery and to enhance pricing capability. This will enable the Bank's clients to tap the available market liquidity with greater efficiency.

Mr Leslie Foo, Head of Group Global Markets, UOB, said, "By setting up our electronic FX pricing and trading engine in Singapore, UOB joins other major FX participants in serving strong institutional FX flows in Asia, enhancing price discovery and better execution for our regional clients. We look forward to playing a major role in Singapore's fast-growing FX e-trading ecosystem."

The launch is in line with the plans of the Monetary Authority of Singapore (MAS) to develop the country as Asia Pacific's FX trading hub. 

Based on this announcement, the new engine will be launched by the second quarter of 2021.