SINGAPORE - Commercial foreign exchange (FX) services firm MonFX on Monday (Dec 13) obtained a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS), less than a year after commencing applications, said its chief executive Alvin Lai.

This will enable it to offer over-the-counter FX derivatives contracts to accredited or institutional investors, enabling them to trade derivatives to hedge their FX risks.

MonFX is part of Tokyo-headquartered corporate FX specialist Monex Group, and has operated in Singapore since 2018.