SteelEye has incorporated in Singapore, enhancing its reach across Asia-Pacific as it aims to enable closer collaboration with clients and regulatory authorities in the region.
Matt Smith
Matt Smith, chief executive of SteelEye, explained: ”Fortifying our presence in APAC underscores our commitment to providing unparalleled support to our clients in the region. By leveraging our extensive experience, SteelEye’s market-leading trade and communications surveillance solutions are ideally placed to enable financial firms operating in APAC to meet their regulatory obligations effectively.”
Read more: Fireside Friday with… SteelEye’s Matt Smith
The move comes as the Monetary Authority of Singapore (MAS) continues to step up its enforcement actions across the industry. A recent SteelEye report found that just last year four banks and an insurer were fined in a bid to tackle money laundering and market misconduct.
The region’s regulatory frameworks are known to be stringent, requiring financial institutions to comply with a range of market surveillance rules.
Speaking to these unique challenges, SteelEye explained that the incorporation “enhances [its] ability to provide best-in-class communications and trade surveillance solutions to financial firms in APAC.”
The firm also further highlighted the importance of recognising the parallels between the regulatory environments in APAC, North America, and Europe.
Lately, increased activity in Singapore from both the buy- and sell-side is seemingly positioning the country as the next major trading hub, with some key initiatives having been introduced to accelerate this continued shift.
“Singapore offers obvious benefits of getting established in Asia Pacific, putting down a small footprint, and then in a relatively low-impact way, hubbing to all of the other places that you might need to visit in the region,” Gerard Walsh, global head of capital markets client solutions at Northern Trust, previously told The TRADE.