Singapore-based multi-asset brokerage firm Phillip Nova is set to expand its partnership with currency technology partner Integral, to enhance its non-deliverable forward (NDF) and foreign exchange (FX) swap trading operations.
Teyu Che Chern
The move will deploy Integral’s platform across Phillip Nova’s NDF and FX instruments and will incorporate the fintech’s fixed-fee subscription model across the combined offering to target growing NDF demand in Asia-Pacific.
It is expected that the expansion will provide more streamlined operational costs, mitigate cost volatility in times of volume fluctuation and allow Phillip Nova to scale its business more easily.
“With more clients trading NDFs and FX swaps, it’s important that we continue building on infrastructure that’s both scalable and cost-efficient,” said Teyu Che Chern, chief executive of Phillip Nova.
“Expanding our partnership with Integral lets us handle growing volumes without compromising on performance – and that’s key as we continue to grow our presence in the region.”
The recent launch forms an extension of the two companies’ ongoing partnership, which saw Phillip Nova driving the growth of its FX spot and contract for difference (CFD) business through combining Integral’s end-to-end FX trading solution in 2021.
Harpal Sandhu, chief executive of Integral, said: “We have witnessed first-hand how our platform’s fixed-fee pricing can enable brokerages to scale and tap into new audiences, and we are excited to support Phillip Nova as it continues to grow, innovate, and expand its footprint.”
Read more – LMAX Group goes live with FX NDF trading in Singapore and London
The expansion follows a drive to accommodate the market increase in NDF demand across the APAC region seen in recent years. In June 2024, LMAX Group launched FX NDF trading in Singapore and London, following the Group’s subsidiary, LMAX Exchange Singapore, receiving a recognised market operator (RMO) licence from the Monetary Authority of Singapore (MAS) in November the previous year.