DBS launches corporate multi-currency account
(20 October 2017 – Asia) DBS Bank has launched a corporate multi-currency account to help businesses transact and manage up to 13 currencies in separate e-wallets, all maintained in one single account.
The currencies included on the platform are the Singapore dollar, Australian dollar, Canadian dollar, Swiss franc, Chinese renminbi, euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, Norwegian krone, Swedish krona and the US dollar.
The bank says the account "enables businesses to send and receive cross-border payments in different currencies and manage their foreign exchange costs more efficiently as incoming currencies are stored in respective e-wallets until exchange rates are in the business' favour.”
While there is no need for a minimum balance in different currency accounts, the entire account requires a minimum of S$10,000.
The cross-border and FX payments market is heating up in Asia, according to East & Partners Asia's FX Markets Program, with regional and non-bank providers starting to make headway against international banks in Spot FX market share.
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