Singapore’s EDBI invests in US financial trading data firm Pico

Commercial buildings in the central business district are illuminated at dusk in Singapore. Photographer: Brent Lewin/Bloomberg

EDBI, the investment arm of Singapore’s Economic Development Board (EDB), has made an undisclosed investment in US-based financial trading data firm Pico.

The Singaporean investment firm joins an eminent list of investors in Pico, including Nomura, Goldman Sachs, J.P. Morgan, UBS, Wells Fargo, DRW Venture Capital and CMT. Many of these investors are also Pico’s customers.

Pico provides market data and infrastructure solutions to clients in the financial market sector. It has over 400 clients including banks, exchanges, asset managers, financial technology vendors and trading firms across five continents globally.

The investment by EDBI will see Pico further bolster its presence in the Asia Pacific, a region with a rapidly growing financial services sector. Over the last year, Pico has expanded its presence in the region through strategic hires, new offices and additional data centres across Singapore, Hong Kong, Tokyo, Korea and Taiwan.

In the next 18 months, Pico aims to add 20 more data centres in APAC.

“We are seeing significant growth opportunities throughout Asia and Pico continues on plan to achieve our goal to be globally comprehensive for financial markets in infrastructure and network connectivity,” said Pico’s APAC head Roland Hamann.

Pico seeks to benefit from EDBI’s knowledge of Asian operating environments,  management and commercial experience, and strong connections to capital markets firms.

“EDBI was instrumental to our decision in selecting Singapore as our Asia headquarters when we launched in the region,” said Jarrod Yuster, Pico Founder and CEO. “We see a bright future for Singapore in financial services, particularly as it promotes investment in new technology innovations like blockchain and distributed ledger technology, in which Pico is at the forefront of supporting.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.