Singapore based fintech start-up SynOption has successfully closed its second round of funding in June 2020.
SynOption’s electronic trading platform, “Optimus”, simplifies execution of FX Option trades for institutional investors by enabling them to trade on the best price from multiple banks at a centralized venue.
The first round of funding was in October 2018.
“The launch of our platform has demonstrated to market participants that there is an intuitive and simple way to trade on FX Options, despite the complexity of the product. Our pre-trade tools help enable a client to take more informed decisions on what the best expressions of their trade are, and our post trade tools enable them to analyse liquidity effectively. Participant onboarding has been extremely encouraging and we are extremely positive about developing a sustainable trading ecosystem for the future” said Anchal Jain, CEO and founder of SynOption.
No figure was released, but SynOption said it had garnered keen interest from investors, including Kristal.AI which has its headquarters in Singapore, with offices in Hong Kong and Bangalore. The company offers investment strategies to clients from over 22 countries across the globe.
“We achieved the fundraising milestone with great support from Kristal.AI, an award-winning AI-driven investment management company,” said Jain.
SynOption was the first firm to be accepted in Monetary Authority of Singapore’s (MAS) Sandbox Express and enjoyed that status until 31 Dec 2020.
The Company intends to apply for a Recognized Market Operator (RMO) license in Singapore. With the MAS focus on making Singapore an FX Hub in the region, SynOption hopes to be able to contribute to the goal, whilst benefit from building relationships with the players who are adopting the FX Hub.
“The COVID-19 pandemic has led to more FX trading professionals to work from home, and is impacting trading continuity, in an increasingly more volatile environment. Traditional chat or voice based execution models do not offer the same level of execution certainty as before if your sales coverage infrastructure gets dispersed. The delays added in reaching people make the electronic execution model even more attractive now. We expect firms to look towards digital solutions like SynOption in complex products too, and be prepared for all possible disruptions,” said co-founder and COO, Gurpreet Chhatwa.