Swiss-based fintech PrimeXM is expanding its technology services in Asia with a new trading data centre in Singapore.
PrimeXM said in a statement released in July that its new data centre went live on the Singapore Equinix data exchange in May 2021.
The centre adds to its existing operations in London, New York, and Tokyo to be the firm’s fourth major global foreign exchange trading location.
PrimeXM said hedge funds, brokers, non-bank liquidity providers and banks can now add Singapore to the list of global FX trading centres using PrimeXM’s XCORE technology and infrastructure solutions to host their own proprietary trading systems.
“We are proud to say that PrimeXM offers global coverage with 4 state-of-the-art trading data centres. This will not only allow us to cater to our existing clients’ needs within the APAC region but also expand within the region and continue our successful expansion,” said Alexis Droussiotis, chief information officer (CIO).
PrimeXM has also completed a compliance readiness assessment based on the Association of Banks in Singapore Guidelines for Outsourced Service Provider Audit Report through PwC.
The Outsourced Service Provider’s Audit Report (OSPAR) is the framework that external auditors use to validate the service provider’s controls against the criteria specified in the ABS (Association of Banks in Singapore) Guidelines.
“By completing this readiness assessment, PrimeXM demonstrates that the set of security controls of PrimeXM’s XCORE and Managed Infrastructure Hosting services meet the ABS Guidelines,” the company said.
“The readiness assessment, apart from the added assurance it provides to PrimeXM’s financial services customers, also showcases its continued efforts to reach the highest standards in its facilities as well as in deploying compliant financial services solutions. PrimeXM will also be pursuing ABS OSPAR attestation in the coming months.”
PrimeXM said it has been ISO 27001 certified since May 2018 and undergoes annual audits based on the ISAE 3000 assurance standard, which provides assurance on confidentiality, security, and privacy of information.
The fintech’s key business focus is providing XCORE cutting-edge aggregation software, ultra-low-latency connectivity, institutional grade hosting solutions, and high-end MT4/MT5 bridging and white labels.