CT AWARDS SPOTLIGHT 2026: OCBC

OCBC’s recent FX performance has been driven by two clear strengths: its reach across ASEAN and Greater China, and its ability to execute large or technically demanding hedging transactions.

Global Markets revenue rose 26% year on year, while institutional FX revenue increased 27%. RMB-related transactions grew 480%, including a 71% increase in RMB FX volumes to S$58 billion ($46 billion). The bank also expanded its coverage of emerging Asian currencies by 19% and added seven central banks and sovereign wealth funds as clients.

The increase in activity was not limited to transaction volumes. Clients also brought OCBC more complex hedging requirements. Activity surged across CNH options, other Asian currency derivatives and precious metals, while the bank maintained its position as a leading Singapore Government Securities market maker for an eighth consecutive year.

Several transactions showed the bank’s ability to work quickly, and at scale. OCBC completed a $500 million, five-year sovereign hedging programme designed to deliver predictable cash flows and mitigate currency volatility. It also executed a complex, multi-million-dollar Vietnamese dong transaction within a single day, from trade execution and drawdown finalisation through to the crediting of funds.

An especially-demanding mandate was a 20-year, $630 million deal-contingent hedge for a hyperscale data-centre campus. OCBC was the only ASEAN bank among the coordinating lead arrangers – and a dedicated cross-functional committee completed approvals and testing in just 12 days, enabling the bank to warehouse a large, long-dated exposure while providing competitive pricing and execution certainty.

OCBC has supported this advisory and structuring work with greater digital capacity. FX Online gives clients round-the-clock access to more than 100 currency pairs, including 48 exotic currencies, and brings execution, payments and liquidity management onto one platform.

More than $60 billion has been processed through FX Online. The expansion of its APIs in Singapore, Malaysia and Hong Kong also helped increase transaction volumes by 350%, as clients connected FX execution directly with their payment and treasury systems.

OCBC also established a Cross Asset Structuring Desk to meet demand for solutions spanning FX, rates, credit and equities. Transaction volumes reached S$103 billion in its first quarter, increasing fivefold.

The bank’s broader innovation included structured FX-linked notes and hybrid range-accrual products combining currencies with rates, equity indices and gold.

OCBC also demonstrated how hedging can support wider sustainability objectives. OCBC concluded its first carbon-linked cross-currency swap combined protection against foreign exchange and interest-rate volatility with Verra-certified carbon credits.

Also during the awards period, OCBC delivered 17 ESG-linked solutions with a transaction value of S$11 billion. These included its inaugural EU Allowance transaction for a shipping company, extending the emissions-trading capabilities available alongside conventional treasury risk management.

OCBC has also sought to make hedging available to smaller companies. Through FX Secure, SMEs without credit lines can hedge digitally for up to 90 days, covering exposures of as much as S$1.5 million across 13 currency pairs. OCBC’s regional infrastructure also gives clients more direct access to currencies such as the Malaysian ringgit, Vietnamese dong, Indonesian rupiah and Thai baht, reducing documentation, intermediaries and transaction friction.

“We are grateful for this recognition, which reflects the trust our clients place in us and the dedication of our teams. We remain committed to delivering differentiated FX and hedging solutions that help clients manage risk with confidence,” said Wee Wei Min,  OCBC’s Head of Global Sales and Structuring, Global Markets.

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