September 29, 2020 - Goldman Sachs has announced that it will be setting up an eFX pricing and trading engine in Singapore, expecting to go live on the first quarter of 2021.

"We continue to actively develop our presence in Singapore, and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets," said EG Morse, chief executive officer of Goldman Sachs in Singapore.

Gillian Tan, MAS executive director at the financial markets development department, said: "We welcome this partnership with Goldman Sachs, which is aligned with our strategy to grow a critical mass of players and liquidity for Asia-Pacific buy-side players to gain efficient pricing and execution, and strengthen Singapore's standing as a global FX centre."

Earlier this month, Barclays announced that it will also be setting up an FX pricing engine in Singapore with the aim of going live mid-2021.. BNY Mellon, JP Morgan, Standard Chartered, UBS, BNP Paribas, Citi have all either gone live with or have committed to setting up eFX pricing out of Singapore in the past few months.