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.”