Singapore Technologies and FNX launch "PrismLight" - a joint venture for the delivery of an ASP-based, buy-side trading portal. PrismLight to offer unique solutions for fully intergrated treasury and risk management operations.
Singapore and Philadelphia, November 20, 2003 - Synapse Technologies Pte Ltd., a wholly owned subsidiary of Singapore Technologies Pte Ltd (ST), the holding company of a diversified multinational conglomerate and FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, today announced the launch of PrismLight Pte Ltd., a 70:30 joint venture.
Trading activity on PrismLight commenced with a soft launch on November 8, 2002 comprising 9 Singapore Technology relationship banks: Australia and New Zealand Banking Group, Bank of America, Commerzbank, Citibank, Hongkong and Shanghai Banking Corporation, Chinese Banking Corporation, Standard Chartered Bank, Skandinaviska Enskilda Banken and Societe Generale, as well as 4 ST Group companies: ST Treasury Services Limited, ST Assembly and Test Services Limited, ST Engineering Limited, and Chartered Semiconductor Manufacturing Limited.
PrismLight’s proprietary application, the "Treasury Hub," will be offered with FNX’s Sierra ASP product to provide a full range of straight through processing capabilities, from requests for quotes through to deal entry, risk management and accounting. PrismLight members may request prices electronically from multiple banks and from other members for foreign exchange spot, forwards, NDFs, swaps, and money markets transactions. In addition, it has a highly sophisticated chat function that enhances the quality of interaction between the buy and sell sides as well as an online audit log that captures all activity on the portal. All of these offerings will be provided in a highly secure environment.
Mr. Premod Thomas, Director Corporate Business and Treasury for Singapore Technologies Pte Ltd. commented: "PrismLight will allow ST Group companies to consolidate their treasury operations using a common platform. It will facilitate transparent and real-time price discovery, risk reporting and integration with existing accounting systems. The unique tie up with our technology partner, FNX Ltd. permits all of this at a fraction of the cost of a full standalone implementation".
FNX CEO Farid Naib commented: "Singapore Technologies was very focused on delivering the benefits of an ASP to all of its Treasury Hub users: minimal implementation risk, access to critical functionality at reduced cost, little or no maintenance expense, and advanced technology delivered simply and securely. We developed Sierra ASP with the same advantages in mind, and through the creation of PrismLight we are delivering a unique and powerful set of tools for its users."
Farid added: "Singapore Technologies set uncompromising standards to meet the requirements of their technology strategy, and we are excited about the future of this product and our partnership with Singapore Technologies".