East & Partners 2017 Asian Business Foreign Exchange (FX) Markets league table reveals that DBS is gaining ground in its home market for Spot FX market share.
Top Spot FX providers in Singapore
Source & Copyright©2017 - East & Partners
E&P predict that, if present trends continue, DBS will overtake Citigroup to become the second largest primary Spot FX provider in Singapore in less than four years.
According to the biannual research, which interviews around 1,850 businesses (470 in Singapore), HSBC has increased its lead over Citigroup as the primary Spot FX provider to businesses with an annual turnover of between US$1 million to US$100 million in Singapore.
Spot FX wallet share continues to decline broadly across the market as businesses split their service relationships further. Only a handful of providers, mostly regional banks, have managed to avert this trend and increase their wallet share with primary FX customers. Bank of China emerges as a clear stand out, posting the largest uptick in primary wallet share for Singapore market.
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