TradAir, a provider of foreign exchange front office HTML5 trading optimization solutions and services, has entered into alliance with Singapore-based SNAP Innovations to deliver innovative FX solutions.
The cooperation could not be possible without funding provided by the Singapore Israel Industrial R&D Foundation (SIIRD). SIIRD is a collaborative endeavor between the Singapore Economic Development Board and the Office of the Chief Scientist in Israel.
Significance of the partnership
The main goal of the collaboration is to increase regional FX liquidity, which will enable Asian market participants to aggregate, trade and become market makers between the currently fragmented OTC and exchange-based regional FX liquidity pools.
“We are very pleased to support TradAir and Snap Innovations, exemplary examples of Fintech companies in Singapore and Israel, in their joint research efforts to address challenges facing Asian financial participants. We look forward to supporting more of such collaborative R&D projects between innovative Fintech firms from Israel and Singapore,” said Chan Eng Chye, General Manager of SIIRD.
“We are excited to be working with the talented team at SNAP Innovations. Together our combined expertise and market understanding will enable us to deliver innovative new solutions to Asian FX market participants,” said Ayal Jedeikin, CEO of TradAir.
Biggest FX centre in Asia
According to the 2016 Triennial Central Bank Survey by the Bank for International Settlements, Singapore is the biggest FX centre in Asia and the third-largest globally, following London and New York.
“Asia is a rapidly growing FX region, and Singapore is the 3rd largest centre globally. This is great opportunity to partner with TradAir to jointly develop innovative FX solutions that address challenges facing Asian market participants,” said Michael Lim, Director of SNAP Innovations.
SNAP Innovations was established in 2011, with an aim to support Singapore and China exchanges by offering a multi-asset system and order execution to sell-side and buy-side clients.