Best Foreign Exchange Solution Winner: Long Bridge Securities Pte Ltd
Published: Jan 2024
Photo of Alexandre Ta, DBS Bank.
Na Jian Yong
Senior Finance Manager
Launched in March 2019, Longbridge is a social-driven online brokerage platform designed for next-generation investors.
in partnership with
API enabled FX solution improves customer experience
The challenge
Longbridge’s customers are required to hold foreign currencies to trade in overseas markets. Its customers are aware of the time sensitivity of market movements and Longbridge previously faced the challenge of being able to offer customers a seamless FX conversion experience while maintaining trade volumes.
The solution
Longbridge implemented an API-enabled solution to improve the overall customer experience. Investors on the platform now enjoy rate transparency with FX rates displayed upfront on a single platform. These are competitive, real-time FX rates available 24/7. This has brought greater convenience to customers as they no longer need to arrange FX conversion separately.
RAPID: Real-time APIs with DBS
“Providing a one-stop platform encourages our customers to carry out FX conversion transactions and trade in overseas markets – all within the same session. This can contribute to an increase in trade volume and revenue for us,” explains Na Jian Yong, Senior Finance Manager.
Furthermore, Longbridge generates an additional stream of revenue from FX as it can add its own FX spread, as its bank, DBS, returns the all-in rate to investors while keeping track of the original rate to Longbridge.
Best practice and innovation
Several API-enabled capabilities were implemented to solve Longbridge’s FX pricing challenges. These included the following:
Bulk rate enquiry (BRE) API, providing a set of indicative FX rates for multiple currency pairs in a single API call.
Request for quote (RFQ) API for executable FX quotes for a given currency pair and price-holding period.
FX booking API to allow customers to submit booking instructions to DBS based on a quote received. Once booked, an account transfer (ACT) API to deliver the FX to each Longbridge investor wallet to enable immediate investment trading (even before the ACT transaction completes). Longbridge does not need to rely on ACT status updates to credit its investor’s currency wallets.
Longbridge Securities (Singapore) is honoured to have received the Best Foreign Exchange Solution award at the Adam Smith Awards Asia 2023. We are dedicated to providing investors with an exceptional investment experience and building a modern, user-friendly trading platform. Receiving this prestigious award reaffirms our continuous pursuit of resilience and ongoing evolution in the brokerage sector.
Key benefits
Cost savings.
Number of banking partners/bank accounts reduced.
Process efficiencies.
Return on investment (ROI).
Increased automation.
Manual intervention reduced.
Increased system connectivity.
As the world becomes more interconnected, there is increasing demand for more efficient platforms and channels for transaction processing. In a highly globalised environment, more consumers and fintech platforms are looking to provide efficient channels for FX transactions. This solution showcases how corporates can integrate APIs into their systems to pave the way for seamless real-time transactions, which can cover FX and more.
Alexandre Ta
GTS FI Sales, DBS Bank Ltd
Long Bridge Securities (LBS) is a social-driven online brokerage platform with a mission to create an intuitive and seamless investing journey for next-generation investors. As LBS’ customers are required to hold foreign currencies to trade in overseas markets, LBS faced the challenge of being able to offer a seamless FX conversion experience while maintaining its trade volumes. Thus, DBS implemented an API-enabled solution for Long Bridge. With this solution, LBS’ customers can enjoy rate transparency directly on LBS’ platform and the convenience of executing their FX transaction within the same trading session.
in partnership with
The Adam Smith Awards Asia is the industry benchmark for best practice and innovation in corporate treasury. The 2023 awards attracted 450 nominations. To find out more please visit treasurytoday.com/adam-smith-awards-asia
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