As we bid farewell to a remarkable year at CobaltFX, it’s with great joy we reflect on 2023 and the significant strides. Our journey, marked by strategic decisions and innovative breakthroughs, has positioned us at the forefront. Allowing us to hone in on the vision of reengineering the world of Foreign Exchange (FX).
A new chapter begins: The United Fintech merger
2023 kicked off with a monumental change – partnering with United Fintech. This strategic merger wasn’t just a fusion of two companies; it represented a melding of our deep-rooted expertise in FX and capital markets with United Fintech’s expansive digital transformation platform. This partnership set the tone for the year, sparking a series of innovations and expansions that have significantly enhanced our market position and made a great impact on our clients.
Refocusing our vision: The rebrand to CobaltFX
In the wake of the merger, we embarked on a journey of self-discovery and realignment, culminating in our rebranding as CobaltFX. This wasn’t merely a change in name; it was a strategic refocus on our core strength – the Foreign Exchange sector. With Marc Levin stepping in as CEO, we bid adieu to our Digital Asset division, underscoring our commitment to specializing in FX, a sector where our expertise shines bright.
Revolutionizing FX transactions: The launch of Dynamic Credit
A key highlight of our year was the successful deployment of our Dynamic Credit solution, adopted by giants like BNP Paribas and NatWest as the first of many. This innovation marked a turning point in how FX credit is managed, showcasing our commitment to leveraging technology to simplify and enhance market operations. It’s a testament to our dedication to delivering solutions that not only meet but anticipate the needs of the evolving financial landscape.
Spotlight on the global Stage: Our moment at the FullFXconference
Further cementing our position as thought leaders, our founder Andrew Coyne represented CobaltFX at the FullFX conference in Stockholm, where he pitched the visions and ambitions we have for the world of FX. Under the theme of “How about this for an idea”, he sparked conversations and thoughts. Among other things this led to an invitation from the industry body GFMA to share our insights and innovations with the global financial community, highlighting our contributions to the evolving FX landscape and our Dynamic Credit as a response to their call for action.
Accolades and acknowledgement: Triumph at the Euromoney Awards
Our efforts and innovations were recognised at the Euromoney Foreign Exchange Awards 2023, where we were honoured with the award “Best FX Market Innovation” for our innovative approach to FX market challenges and “Best FX ESG Initiative” for our commitment to long-term sustainability and responsibility towards the environment and society. These awards are a testament to our relentless pursuit of excellence and our commitment to integrating technology with sustainable practices.
Setting new standards: Launch of the Trade Notification Network
The launch of our Trade Notification Network (TNN) has been a game-changer in post-trade communication within the FX market. This innovative platform addresses the industry’s pressing challenges, offering a cost-effective and reliable solution for FX trade messaging. The TNN is a reflection of our ethos – to continually challenge the status quo and introduce solutions that reshape the industry.
Looking to the future: Our continued journey with United Fintech
As we look back on this transformative year, we’re filled with anticipation for what lies ahead. Our partnership with United Fintech continues to inspire our journey toward innovation, specialised product development, and unwavering commitment to our clients. With a clear vision for the future, CobaltFX is poised to forge new paths and continue shaping the landscape of financial technology.
In closing, this year has been nothing short of extraordinary for CobaltFX. As we step into the new year, we remain dedicated to driving innovation, fostering sustainable practices, and delivering unparalleled solutions in the FX market.