With over three decades of experience in the forex trading industry, Mr. Wong Joo Seng, the founder of Spark Systems, has firsthand knowledge of the frustrations caused by outdated trading systems. These systems often result in delays, missed opportunities, and financial setbacks. Determined to find a solution, Mr. Wong founded Spark Systems in 2016, a fintech firm that provides a forex trading platform designed for ultra-fast trade executions with low transaction fees.
Spark Systems offers one of the most competitive rates in the market, charging just US$3 (S$4) per US$1 million traded, making it an attractive choice for traders seeking cost-effective solutions.
A Game-Changer for Forex Transactions: Singapore’s Strategic Role
In a bid to further expedite forex transactions, Mr. Wong was instrumental in the idea of transforming Singapore into a forex matching centre. This visionary concept led to the establishment of key data centres in Ayer Rajah, strategically positioned to enhance trading efficiency.
Currently, forex trades originating from Singapore are often routed overseas, with trades being electronically matched in major markets such as London or New York. This round-trip process typically takes up to 360 milliseconds. The delay is slightly shorter when trades are routed through Tokyo, taking around 150 milliseconds. However, by establishing Singapore as a matching hub, this entire process can be reduced to just one or two milliseconds, significantly cutting down latency time for forex trade matching.
Rapid Growth and Strategic Partnerships
Since its inception, Spark Systems has experienced remarkable growth, consistently doubling its trading volume and revenue each year. From 2020 to 2023, the company’s revenue surged by 310.42%, securing its spot on the Fastest Growing Companies 2025 list compiled by The Straits Times and Statista.
The firm’s success has attracted investments from major global and regional institutions, including Citibank, HSBC, Philips Ventures, Dymon Asia Capital, Integra Partners, and Vickers Venture Partners. Additionally, Spark Systems has been awarded a grant from the Monetary Authority of Singapore’s Financial Sector Technology and Innovation Scheme, enabling the firm to advance its forex trading technology and infrastructure.
Expanding Horizons: New Partnerships and Milestones
In another major development, Spark Systems recently secured a contract with OCBC to integrate its platform into the bank’s treasury system, marking a significant milestone in its expansion.
With its innovative solutions and strategic investments, Spark Systems is not only enhancing the efficiency of forex trading but also positioning Singapore as a key player in the global financial technology landscape.
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