Wells Fargo mpany : to expand its electronic pricing capabilities in Singapore’s eFX hub

SINGAPORE - March 5, 2024 - Wells Fargo & Company (NYSE: WFC) today announced it plans to launch new electronic Foreign Exchange (eFX) pricing capabilities in Singapore in the second half of 2024.

The launch, in conjunction with the Monetary Authority of Singapore (MAS), aims to deliver a lower latency trading environment to clients and promote greater efficiency for the Singapore and wider APAC Foreign Exchange (FX) markets. With the local pricing capability now available via the Singapore SG1 Data Center (SG1), Wells Fargo will be able to connect with more of its clients in APAC as well as price and execute eFX transactions faster and more efficiently.

Mandy Wan, co-head of APAC, Corporate & Investment Banking (CIB) & head of Markets, APAC, said, "Wells Fargo can provide the market with differentiated liquidity given our large underlying Corporate, Commercial, and Payments businesses, and we have already seen some great success on this front with our clients across APAC. Our FX team, along with the setup of our eFX pricing capabilities on SG1, will position us to be a major full-fledged FX liquidity provider to the Singapore FX ecosystem and help us better serve our clients."

Vince Hindman, global head of FX, added, "Wells Fargo continues to invest in the growth of its global FX business, particularly in our people and technology, in order to best serve our clients. The SG1 project will allow us to capitalize on this liquidity by offering it electronically via lower latency pricing so our clients can achieve better execution results. Our investment in expanding our electronic pricing capabilities in Singapore's eFX hub via SG1 is a strategic initiative that will further help distribute our liquidity and deliver top-class solutions to our clients globally."

Lim Cheng Khai, executive director, Financial Markets Development Department, MAS, said, "Wells Fargo's new eFX pricing and trading engine is a welcome addition to the growing number of players that have set up their eFX capabilities here. As FX volumes continue to grow in SG1, the entry of Wells Fargo to our ecosystem will enhance the trading experience for market participants and contribute to more efficient price-discovery activities in Singapore."

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune's 2023 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Wells Fargo was recognized as the Best FX Bank in North America as the 2023 Euromoney awards: Euromoney FX Awards 2023: Best bank regional awards: Sacombank | Euromoney.

Additional information may be found at www.wellsfargo.com

APAC FX disclaimer: https://www.wellsfargo.com/com/disclaimer/apacfx/

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