Best retail FX platform/FX house of the year, Singapore: OCBC Bank

Best retail FX platform/FX house of the year, Singapore: OCBC Bank
FX Markets Asia FX Awards Winner logo-BB8

OCBC Bank has won Best retail FX platform and FX house of the year, Singapore at the FX Markets Asia FX Awards 2023. This recognition is testament to the bank’s endeavours and innovation within the FX industry

OCBC Bank, the second-largest financial services group in South-east Asia, has set itself apart with its advanced FX platform, FX Online. This platform, residing within OCBC’s award-winning digital channels, offers customers a comprehensive one-stop banking experience. With access to real-time streaming FX rates for more than 60 currency pairs and the flexibility to transact securely 24 hours a day, customers can tailor their FX activities to suit their individual needs.

Wee Wei Min, OCBC Bank
Wee Wei Min, OCBC Bank

OCBC is one of the first banks in Singapore to provide FX time option forwards on a retail FX platform. This demonstrates OCBC’s commitment to technological advancements and the evolving needs of its customers. Other core differentiators of FX Online are transparency, competitiveness and customisation. Customers can rely on low-latency, real-time competitive price discovery and straight-through FX execution, thanks to the fully integrated FX pricing engine across the OCBC Group. This integration harnesses the benefits of a deep liquidity pool throughout multiple entities, including OCBC Singapore and Bank of Singapore.

Over the past year, OCBC has implemented a three-pillar strategy to drive digital adoption and enhance the customer experience of FX Online. Leveraging artificial intelligence and machine learning, the platform offers a personalised experience with curated notifications for users and historical charts, keeping customers informed about market movements. Customers can also set orders to execute automatically when the target rate is met, ensuring timely market participation.

FX Online’s success is reflected in the bank’s FX growth metrics. Volumes have grown with corporate and private-wealth clients, with 28% and 20% year-on-year increases, respectively. The average interbank daily FX volume has doubled, showcasing the platform’s efficiency and appeal to traders. Additionally, 80% of FX traders’ traditional workflows have been automated, enabling a small team to support the growing business on a 24-hour basis.

OCBC has outlined several areas for improvement and growth in the coming year. These include expanding market access to offshore clients, developing multilateral frameworks for onshore deliverable FX, and implementing machine learning models to enhance price competitiveness and FX volume. OCBC is also focused on tapping into growth industries, collaborating with relationship managers and leveraging data analytics to drive treasury cross-sell opportunities.

Intensive account planning, data analytics-driven approaches and strong customer relationships have distinguished the bank and helped customers navigate challenging market landscapes, achieving their business objectives. OCBC’s deep understanding of its clients’ needs and its commitment to providing innovative and reliable FX services have set it apart in the market.

Wee Wei Min, OCBC Bank’s global head of sales and structuring at global treasury, says: “We had strong growth in our FX business, with revenue increases of 11% in FX, 95% in FX options and 23% in Chinese renminbi alone. Our Singapore digital FX achieved 20% year-on-year revenue growth. FX Online in Singapore successfully onboarded a new small to medium-sized enterprise client segment, with live-streaming FX pricing available 24 hours a day. A new initiative with relationship managers identified several network clients with new FX flows. We have deepened coverage to include 17 emerging markets currencies.”

OCBC Bank was named Best retail FX platform and FX house of the year, Singapore at the 2023 FX Markets Asia FX Awards.


You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: