Security & Regulation

Find out more about our regulatory status and how we safeguard clients' funds.

Regulatory status

MonFX Pte. Ltd. is licensed and regulated by the Monetary Authority of Singapore as a Major Payment Institution for cross-border money transfer, domestic money transfer, account issuance and e-money issuance services under the Payment Services Act 2019.

MonFX is also regulated as a Capital Markets Services (CMS) Licence holder for dealing in over-the-counter (OTC) derivatives contracts under the Securities and Futures Act 2001 (SFA). The offering of OTC derivatives contracts are only available to accredited investors and institutional investors as defined under the SFA.

What we do with your money

Safeguarding rules are primarily designed to protect moneys held by the firm on behalf of its clients for the provision of a payment service or dealing activities under the SFA. Client moneys are segregated from the assets or liabilities of the firm itself, creating an asset pool from which to pay the claims of clients in priority to other creditors in the event of the insolvency of the firm.

Safeguarded funds

MonFX safeguards client moneys in trust accounts named in accordance with MAS regulations in a client segregated account maintained with DBS Bank Ltd, in Singapore. Client moneys in these trust accounts are ring-fenced against any debt owed by MonFX to DBS Bank Ltd. These accounts, separately maintained for payment services and dealing activities, are segregated from any other MonFX account used to deposit moneys belonging to MonFX.

Settlements

Our clients are provided with a highly secure system for communicating payment instructions and other sensitive data globally, while all outgoing payments and FX transactions made can be traced up to delivery.

Local settlement nostro accounts at DBS Bank Ltd and Oversea-Chinese Banking Corporation Limited
Same-day settlement on all majors
Corporate member of SWIFT network — MNPTSGSG

MonFX settles the BUY currency on a real time basis by client instruction to: client's own account, client's subsidiary or related company, or third party payments (subject to compliance clearance).

Become a client

Find out more about our full range of services by talking to one of our experienced FX specialists on

+65 3158 5750

Regulatory status

What we do with your money

Safeguarded funds

Settlements

Local settlement nostro accounts at DBS Bank Ltd and Oversea-Chinese Banking Corporation Limited

Same-day settlement on all majors

Corporate member of SWIFT network — MNPTSGSG

MonFX settles the BUY currency on a real time basis by client instruction to: client's own account, client's subsidiary or related company, or third party payments (subject to compliance clearance).