As a trader with over three decades of experience in the forex trading industry, Mr Wong Joo Seng knows how it feels to make a promising trade, only to be crippled by an outdated system plagued with delays.
The resulting missed opportunities and financial implications fuelled his determination to find a viable solution. This led to the birth of Spark Systems in 2016, a forex trading platform that enables clients to execute ultra-fast trades with low transaction fees.
The rates are currently one of the cheapest in the market, with fees of US$3 (S$4) for every US$1 million traded.
To further speed up transactions, Mr Wong was amongst the pioneers who mooted the idea of making Singapore a matching centre – a suggestion that led to the setting up of key data centres in Ayer Rajah.
“Many FX trades that originate locally are routed overseas electronically so buyers and sellers can be matched. Once completed, orders are sent back to the traders’ desk here. This round trip can take up to 360 milliseconds when routed to major markets like London or New York, or 150 milliseconds via the closest forex matching hub in Tokyo,” explains Mr Wong.
By making Singapore a matching centre, this whole process can be shaved to just one or two milliseconds, which is a significant reduction in latency time for forex trade matching.
To date, the firm has received investments from leading global and regional institutions including Citibank, HSBC, Philips Ventures, Dymon Asia Capital, Integra Partners and Vickers Venture Partners. Spark Systems is also a grant recipient of the Monetary Authority of Singapore’s Financial Sector Technology and Innovation Scheme, which helps fund its development of advanced forex trading technology and infrastructure.
Since its inception, Sparks Systems has almost consistently doubled its trading volume and revenue annually. From 2020 to 2023, its revenue rose by 310.42 per cent – resulting in the company getting ranked in the Fastest Growing Companies 2025 list compiled by The Straits Times and Statista.
Spark Systems has also recently been awarded a contract by OCBC to integrate their platform into the bank’s treasury system.
“I felt if I could offer a viable trading alternative to banks through superior technology, it would give them even less reason to build their own platform. That has begun to play out quite well,” says Mr Wong.
Mr Wong Joo Seng (first from left) says it is important to have the right people in the company to ensure success. PHOTO: SPARK SYSTEMS
He also credits the success of the company to its people: “It’s good to have domain knowledge and business savvy, but we cannot be experts in all fields. One just needs to know enough to know when to seek advice.”
He adds: “In this regard, talent is non-negotiable. This is a perennial challenge. Without the right people on board, you endanger the organisation and risk it becoming uncompetitive.”
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