Fintech M-DAQ said on Tuesday that it had launched a proto-type multi-currency automated quotation service to allow investors to view Singapore Exchange-listed securities in selected currencies.
“M-DAQ’s patented solution allows investors to view, track and trade securities in multiple currencies within a single liquidity pool,” it said in a press release on Tuesday. “This would allow investors to have price certainty including the ability to place limit order(s) in their preferred foreign currencies.”
The service would also give institutional and retail investors embedded interbank foreign-exchange pricing at the point of transaction, the statement from M-DAQ said.
““The M-DAQ solution was developed for global exchanges like SGX to facilitate international trading of equities and increase velocity of trade due to price certainty,” Richard Koh, M-DAQ’s founder and CEO, said in the statement.
In the tie-up with SGX, M-DAQ has built a view-only prototype for investors to view real-time prices of Straits Times Index component stocks in selected currencies and to view comparison charts to assess historical prices against different currencies, it said.
“The ability to trade in multiple portfolio currencies will enhance risk management and access to our securities market, which is home to many international issuers and investors,” Chew Sutat, SGX’s executive vice president and head of equities and fixed income, said in the statement.
M-DAQ is a Singapore-based fintech, founded in 2010, it said; it raised S$118 million in its Series C funding in November 2015, which included Ant Financial and the investment arm of the Economic Development Board (EDBi) as investors, it said. It noted that more than 90 percent of its activity is generated outside of Singapore.