SINGAPORE, Sept. 15, 2020 /PRNewswire/ — Singapore based FinTech start-up SynOption Pte. Ltd. has announced that 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 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” says Anchal Jain, CEO and Founder of SynOption. Anchal is a veteran in the FX Options markets. As Managing Director at JPMorgan Chase Bank, he used to head the bank’s FX Options business in Asia before moving to Balyasny Asset Management as a Hedge Fund Portfolio Manager.
SynOption garnered keen interest from investors, including big names like Kristal.AI, who have joined an already elite group of FX industry veterans as investors. The first round of funding was in October 2018.
“We achieved the fundraising milestone with great support from Kristal.AI, an award-winning AI-driven investment management company.” Says Anchal. Kristal.AI 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.
SynOption was the first firm to be accepted in Monetary Authority of Singapore’s (MAS) Sandbox Express, and enjoys that status till 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,” says Co-Founder and COO, Gurpreet Chhatwal, who herself has vast experience with start-up’s and is instrumental in developing SynOption’s strategy and managing operations.
With the paradigm having shifted quite firmly towards electronic trading, and electronic venues in FX Spot and Forwards, SynOption has its sights set on the next wave of digitization focussing on FX Options. “The steady onboarding activity we have seen from Liquidity Providers and Hedge funds has led to encouraging growth in the quotes requested and trades executed on the platform. More importantly feedback from current users has led to extremely encouraging reviews and referrals, which have started conversations with multiple banks and clients”, says Gurpreet. With multiple liquidity providers and clients already on board, their aim is to expand to the West by as early as 2021 to meet the needs of their Global Clients.