R5FX, the emerging marketplace for local market FX trading, today announced the new members of its board.
The London FinTech start-up is currently in beta testing, prior to launch later this year.
The new board members are:
Lord Flight, who is a member of the House of Lords and holder of Directorships of financial organisations which focus on emerging markets. He is a Director of Investec Asset Management and Chairman of CIM Investment Management, an investment manager specialising in emerging markets. During his political career he held several shadow posts including Shadow Chief Secretary to the Treasury and was a member of the Shadow Cabinet. He is Chairman of Flight & Partners and a Director of Metro Bank. Lord Flight is the author of “All You Need to Know About Exchange Rates” and pioneered the Managed Currency fund and Currency Overlay in the early 1980s.
Mr. Eng Huat Tan, who has more than 35 years of experience in the financial industry, particularly in Treasury and Capital Markets in Asia. Most recently he was Head of Global Treasury at OCBC in Singapore. Prior to that, he worked for Dresdner Bank in a number of roles, including General Manager and Managing Director in Singapore, and Founding Director of the Group's asset management company. Mr. Tan’s career also includes positions at Swiss Bank Corporation Singapore as Treasurer and Overseas Union Bank where he was responsible for setting up its Simex Futures Brokerage operation.
Mr. Chung Min Pang, who has more than 35 years of financial sector experience in emerging markets. His banking career includes China Country Manager at Bank of America, where he was responsible for investment and commercial banking activities, and China Country Head at Salomon Brothers. He has also worked for the World Bank, where he advised on projects including the establishment of securities markets in China, Yugoslavia, Hungary and Poland. Mr. Pang was also Managing Director at EMP, responsible for China and SE Asia, and a Managing Partner at Aureos China. He was formerly a partner at Clove Capital Partners and is presently an adviser to Clove Capital Partners and Atlas Capital Group.
“Howard Flight, Eng Huat and Chung Min bring a wealth of financial markets experience to our board, with specific expertise in emerging markets. Their senior level relationships will help to expand our community of banks, non-bank market participants, central bankers and regulators”, said Jon Vollemaere, CEO of R5FX. “With a detailed understanding of emerging market trading, our board has helped to define our proposition and deliver true innovation, moving R5FX forward significantly as we progress towards launch.”
R5FX is expected to stimulate growth in the trading of emerging market currencies, as the market migrates from being largely voice traded to a transparent and efficient screen-based market, providing deeper liquidity and increased capacity.