MonFX, a subsidiary of Monex Europe Holdings, a global financial services company, has embarked on a significant expansion in the Asia-Pacific region.
The company recently relocated to a larger office space in Singapore, underlining its commitment to growth in this strategic market.
Alongside this move, MonFX has appointed David Venn as the Head of Sales to spearhead its expansion efforts.
The CEO of MonFX, Alvin Lai, marked this milestone with a ribbon-cutting ceremony on January 18th, where he shared the company’s ambitious plans.
MonFX intends to bolster its sales team by 80% in 2024, a move aimed at enhancing its operational capabilities and serving the burgeoning client base across the Asia-Pacific region.
Lai emphasized the importance of Singapore in their global strategy, citing its exceptional infrastructure and business-friendly policies.
He noted that the new office would provide the necessary infrastructure to scale up operations, attract top talent, and elevate service standards.
MonFX aims to achieve a remarkable 200% increase in profitability this year by leveraging its expertise in derivatives, hedging strategies, and digital solutions.
The company also plans to extend its footprint into neighboring Asia-Pacific markets, further boosting its growth prospects.
This office expansion comes after MonFX secured licenses to operate in the local payment market, with approval from the Monetary Authority of Singapore, three years after commencing operations in the country.
The ribbon-cutting event saw notable attendees, including Tom Farrow, Group Director of Trading at Monex Europe, Mexico’s Ambassador to Singapore Agustin García-López Loaeza, and Gerson Garduño, CEO of the Singapore Mexico Chamber of Commerce.
In addition to the office expansion, MonFX has appointed David Venn as the Head of Sales.
With over a decade of experience in building institutional and corporate client bases, Venn will play a pivotal role in driving business growth in the Asia-Pacific region.
Venn expressed his enthusiasm for this new role and highlighted the increasing demand for MonFX’s products and services in helping clients manage their FX risk.
MonFX Pte. Ltd. holds licenses from the Monetary Authority of Singapore as a Major Payment Institution and for Capital Markets Services.
The company specializes in providing foreign exchange and payment solutions to clients across Asia, positioning itself for substantial growth in the vibrant Asia-Pacific market.