SGX sees leadership changes in FX and technology amid push to revive stock market

SINGAPORE - The Singapore Exchange (SGX) has revamped its foreign exchange (FX) and technology management teams, following several high-level resignations.

Mr Lee Beng Hong, its head of wholesale markets and platforms, is quitting to pursue new opportunities, the SGX said on March 6.

Mr Thijs Jacobs, group chief technology officer, is also stepping down. His responsibilities will be covered by chief information officer Tinku Gupta while the company looks for a successor.

Mr Jean-Philippe Male will become SGX FX chief executive from April 1.

He was previously CEO and co-founder of BidFX, an FX over-the-counter platform business acquired by SGX Group in 2020.

Mr Male was promoted to SGX FX president in mid-2024, and was a driving force behind the significant rise of the over-the-counter foreign exchange business, the SGX said.

SGX Group chief executive Loh Boon Chye said: “These changes reflect our commitment to continuously evolve and strengthen our leadership team to meet the dynamic needs of our business and stakeholders.”

The changes also come amid announcements from the Monetary Authority of Singapore of measures to revitalise the local stock market.

One initiative, launched on Feb 21, will channel $5 billion into selected Singapore fund managers to invest in Singapore stocks.

Regulations will also be streamlined to make the listing process more efficient, and to be more focused and facilitative of listings.

The latest staff changes follow other departures in recent weeks.

Bloomberg reported on Feb 17 that several veterans were leaving SGX, including Ms Frieda Choong, who runs the team in charge of initial public offering approvals, and Ms June Sim, who heads listing compliance at the exchange’s regulatory arm.

Mr Nico Torchetti, a former HSBC Holdings banker who heads SGX’s operations and market services, was also said to be departing, Bloomberg reported, quoting anonymous sources.

SGX RegCo chairman Tan Cheng Han addressed the Blomberg article in an interview with The Straits Times on Feb 21, saying: “Three employees are involved, but I work with only two of them because those two are from the RegCo side.

“So I can speak in relation to those two, and I can say that it has got nothing to do with the current review process and new direction that we want to take from a regulatory standpoint.

“This is actually part and parcel of a typical renewal exercise, and we have already lined up capable younger colleagues who will be able to step into these roles.”