MonFX, an independent Asia Pacific subsidiary of Monex Europe Holdings Limited (MEHL), specialising in foreign exchange, has moved to 5 Shenton Way, UIC Building for expansion.
The move is pivotal to MonFX’s strategic expansion plans in the Asia Pacific region, as the larger space will accommodate the company’s expanding team and the growth prospects. MonFX is expected to expand its sales team by 80%, this year to enhance operations and better service its rapidly growing client base across Asia-Pacific.
Part of the wider financial services group, Monex S.A.P.I. de C.V. (Monex), a global investment-grade financial services institution, MonFX is setting its sights on the growth potential in the Asia Pacific region in 2024 and beyond. Singapore is the third-largest FX hub globally, following the UK and the US, where Monex has already been long established with great success. Established in Singapore in 2018, MonFX was founded to provide FX and payments solutions to clients across Asia, to execute the group's ambitious growth plans and extend their global footprint.
Alvin Lai, CEO of MonFX, said: “Singapore is a key node for global operations for our clients, with its world-class business infrastructure and favourable tax rates. Singapore is also a fast-growing asset management hub, attracting fund flows from family offices, private equity, and venture capital firms. As we continue serving our existing clients and expanding our clientele among institutional and large corporate entities, the new office space will allow us scale, attract talents, and elevate our standards in client service.”
This year, MonFX is looking to increase profitability by 200% by capitalising on its strong expertise in derivatives, blended hedging strategies, and cutting-edge digital solutions; including MonFX Pay and API solutions. Additionally, the firm is keeping a keen eye on Singapore's neighbouring markets to further boost growth.
To spearhead MonFX's expansion, David Venn has been appointed as the head of sales at MonFX. Venn will play a crucial role in oveseeing the team driving the growth of the firm's institutional and large corporate client base in the Asia Pacific region. Venn is based in Singapore and directly reports to Lai.
Venn brings over a decade of extensive experience and deep expertise in building client pools focused on institutional and corporate clients. Venn began his journey with Monex as a senior account manager for MonFX’s UK-based sister company, Monex Europe Limited, in 2013. In 2016, he took on the role of head of desk and subsequently was appointed sales manager. In his new role, he will bring his expertise in the FX market to anticipate and meet the evolving needs of businesses in the region.
Venn said: “Our clients are turning to us and our products and services frequently to help them meet their FX risk management needs. I am honoured to lead the Singapore Sales team as we work towards expanding our institutional and large corporate client base in the Asia Pacific and continue driving business growth.”
The office move was officiated by Lai, Tom Farrow, group director of Trading at Monex Europe, Gerson Garduño, CEO at the Singapore Mexico Chamber of Commerce, and Agustin García-López Loaeza, Ambassador of Mexico to Singapore. Together they marked the start of new beginnings for MonFX with a ribbon-cutting ceremony.
García-López Loaeza said: “It is an honour to officiate MonFX’s new office space here in Singapore. We are pleased that MonFX, part of the wider group Monex S.A.P.I. de C.V. in Mexico, is expanding its presence here. We are thrilled to witness the firm continually setting new benchmarks with their bespoke solutions for clients.”
Anchored by its leadership's expertise in Singapore, the MonFX team has continued to provide expert advice and support for foreign exchange trading in the Asian time zone.
MonFX Pte. Ltd. is licensed and regulated by the Monetary Authority of Singapore as major payment institution for cross-border money transfer, domestic money transfer, account issuance and e-money issuance services under the Payment Services Act 2019. MonFX is also regulated as a capital markets services licence holder for dealing in over-the-counter derivatives contracts under the Securities and Futures Act 2001 (SFA).
Re-disseminated by The Asian Banker