Question
SingBank, a government-linked company, intends to establish a digital trading platform (called a “digital exchange”) for the trading of digital assets such as cryptocurrencies, and it is seeking a financial technology (“fintech”) service provider as a technology partner to help with the building and operation of the digital exchange. The operation of the digital exchange will require approval from the relevant regulatory authorities, and SingBank has already obtained such approvals.
In order to find the most appropriate fintech service provider for the project, SingBank launched a Request For Proposal (“RFP”) setting out its objectives and requirements for the project and sent out the RFP to various fintech service providers via email.
Antimony Tech (“AT”), a private enterprise, was one of the fintech service providers that received the RFP from SingBank. AT was excited about the prospect of partnering with SingBank to build and operate the new digital exchange. In response, AT prepared a comprehensive proposal and submitted it to SingBank. AT’s proposal was priced at $10 million (i.e., they would do the necessary work for a total price of $10 million).
A week after receiving AT’s proposal, SingBank arranged an interview with AT to discuss its proposal and to seek AT’s clarifications on a few aspects in the proposal. The interview was conducted via videoconferencing. During the interview, SingBank informed AT that the pricing set out in its proposal was quite high compared to the other proposals received by SingBank. The following verbal exchange took place between the two parties:
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