SINGAPORE, May 25, 2022 /PRNewswire/ — M-DAQ has secured a milestone pilot project with The Warsaw Stock Exchange (GPW) in Europe, to co-develop a proof-of-concept that will allow investors to track and eventually trade real-time prices of WIG20 and mWIG40 stocks in 10 different currencies. With this innovative solution, GPW seeks to help brokerage firms and international investors manage their Polish/European portfolios more effectively, while expanding their investor base for companies listed on GPW.
Currently, foreign exchange rates are determined once a trade is executed. A multi-currency trading solution will allow investors to view, track and trade securities in multiple currencies while considering the risks caused by foreign exchange movements. This proof-of-concept marks the first milestone of a multi-phase collaboration between GPW and M-DAQ to eventually launch a full-fledged multi-currency trading solution that allows investors to view, track and trade Polish shares in different currencies within a single liquidity pool.
“The partnership with M-DAQ affirms GPW’s broader mission to build an international capital centre through internationalisation of its business activities. Traditional capital markets must look at trading in financial instruments through the prism of ease of access for investors. Any limitations, such as currency in which transactions can be executed, thanks to technology will be eliminated in the near future, and WSE wants to be at the forefront of these innovations”, says Izabela Olszewska, Member of the Management Board at GPW.
M-DAQ’s patented Trading the Right Chart™ solution blends the benefits of FX transparency to provide price certainty for investors globally to trade in their preferred portfolio currency. The solution is tailored for leading global exchanges – like GPW – which deal with a diverse range of international investors and stakeholders.
“M-DAQ is delighted to be the first Singapore flagship fintech company to partner with GPW. By leveraging on our wealth of experience in partnering with stock exchanges, we will work alongside GPW to co-design a solution that would increase the ease of access for investors, thereby cementing GPW’s position as an international capital centre.”, says Richard Koh, Founder and CEO of M-DAQ.
Clarence Hoe, Executive Director for Americas and Europe, Enterprise Singapore (EnterpriseSG), said, “I would like to congratulate M-DAQ on achieving their first milestone project in the European market through its partnership with GPW. This shows how innovative Singapore companies can tap on the growing demand for novel digital solutions in Europe, and successfully co-develop brand new solutions with established in-market partners. EnterpriseSG is glad to partner with M-DAQ in this endeavour, and its subsequent venture into Europe.”
The 10 initially launched currencies include Swiss franc, Euro, British pound, Hungarian forint, Japanese yen, Norwegian krone, Swedish krona, Ukrainian hryvnia, and US dollar.
Aside from developing new solutions in Asia, M-DAQ is excited to grow the securities market ecosystem in other regions.
For more information, please visit https://www.m-daq.com/
The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl.
Leading global FX solution specialist to cross-border commerce, M-DAQ was founded in January 2010 with a vision to create a World without Currency Borders®. Today the 12-year-old Singapore based company is one of the most valuable FinTech companies in the region and is partnering with the world’s largest eCommerce and Payments ecosystems. In August 2021, M-DAQ raised S$200 million in its Series D funding with Asian private equity firm Affinity Equity Partners. Affinity joins a list of international strategic and financial investors, including Ant Group, EDBI, NTT Communications, Samsung, and Kiwoom Shinhan.
Learn about how M-DAQ is transforming a World without Currency Borders at www.m-daq.com.
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