DBS Bank today announced the launch of DBS SecureFX, a new service enabling both SMEs and selected corporate customers in Singapore to lock in foreign exchange rates for up to one month in advance.
This service, said to be a first from a Singapore bank, covers five currency pairs – USD/SGD, EUR/SGD, EUR/USD, GBP/SGD, and JPY/SGD.
This allows businesses to secure rates for up to US$1 million without needing credit lines or paying extra.
DBS SecureFX is designed to help businesses manage cash flow and mitigate foreign exchange risk, particularly crucial as many look to expand regionally.
A recent DBS survey showed that about 70% of SMEs plan to allocate capital towards regionalisation, with over 80% engaging in foreign exchange transactions for cross-border payments in 2024.
This launch is timely given the heightened volatility in currency markets.
In January 2025, the average implied volatility for the Euro, Japanese Yen, and British Pound reached a near two-year high, according to DBS Group Research.
DBS SecureFX allows businesses to lock in preferred rates for future-dated foreign currency payments directly within DBS IDEAL, the bank’s corporate banking application.
This provides greater certainty in financial planning and protection against potential losses from adverse currency movements.
Even smaller SMEs without credit lines can benefit from SecureFX, gaining access to a sophisticated financial tool previously unavailable to them.
DBS plans to expand SecureFX to more corporate customers over time, further demonstrating its dedication to providing comprehensive financial risk management solutions for businesses.
The service is accessible through a simple four-step process within DBS IDEAL: customers log in, select “Pay & Transfer,” choose either same-day or future-dated payment, opt for the SecureFX rate, and then submit and approve the payment request.
Eileen Chia, Regional Head of Corporate Advisory, Global Financial Markets, DBS, said,
“SMEs form the bedrock of Singapore’s economy and contribute around half of our country’s GDP. As a purpose-driven bank with our roots as the Development Bank of Singapore, we are committed to supporting our SMEs as they expand into regional markets to capture new opportunities across Asia.
By blending DBS’ digital capabilities, financial markets expertise and client-centric ethos, we will continue to support our local businesses as they embark on a journey towards becoming regional champions.”
