UOB has deployed Chronicle Software’s electronic foreign exchange (forex) solution for its e-forex pricing and trade engine on June 2.
This comes as the bank announced its plans to set up an e-forex pricing and trading engine in Singapore in November 2020.
Through the solution, the bank will now be able to its customers in Asean and across its global network to more competitive foreign exchange pricing through reduced latency via co-location connectivity.
The forex pricing engine, which is located in Singapore, also supports the country’s ambitions to become an e-trading forex hub in the region.
“Through our new electronic forex pricing and trade engine, UOB is well-positioned to help our customers seize opportunities arising from the strong institutional forex flows in Asia and Singapore’s status as a fast-growing forex trading hub,” says Leslie Foo, head of group global markets at UOB.
“Our collaboration with Chronicle combines their technological capabilities with UOB’s deep understanding of our customers’ forex trading needs. Using Chronicle’s solution as the building blocks, we will continue to deepen our capabilities to provide our customers with faster access to global forex markets,” he adds.
“Our unique buy and build solution enables customers who have purchased our core trading infrastructure to leverage a high performance framework and to build custom capabilities, while keeping intellectual property within their organisation. Singapore’s burgeoning forex market is a major contributor to our recent growth and we will continue to build our presence in this market,” says Jerry Shea, managing director, APAC of Chronicle Software.
