UOB sets up FX unit for small business

The first of its kind in Southeast Asia.

In a release, United Overseas Bank (UOB) announced that it has set up a Foreign Exchange (FX) advisory and trading unit dedicated to help small businesses across Southeast Asia manage their currency exposure and risk more effectively. UOB is the first bank in Southeast Asia to offer such a service to small business customers.

With more small businesses now doing more business overseas has increased. Customers can use the new FX advisory and trading unit to reduce currency fluctuation risks and to maximise their revenue streams.

In addition to providing foreign exchange solutions, a team, the demand for FX hedging solutions of 40 dedicated FX specialists will help customers by conducting business cash flow analysis and providing insights into financial market trends to help them manage their businesses more efficiently.

Mr Victor Lee, UOB Group Head of Business Banking said, “The banking needs of our customers are changing as they conduct more business outside of their home market. For instance, a Singapore-based company could be procuring raw materials from China and then selling to consumers in Singapore and Indonesia.

Our dedicated service will help such customers by providing foreign exchange solutions to hedge against the volatility of various currencies, thereby protecting the business from higher costs.”