(22 June 2026 – Singapore) DBS, OCBC and UOB face significant currency risks linked to ensuing impacts from the Middle East conflict.
Amongst Singapore’s major banks, DBS is most affected by exposure to IDR and INR, Asian Banking & Finance reports. The Indian Rupee (INR) and Indonesian Rupiah (IDR) continue to depreciate in contrast to increasing Malaysian ringgit (MYR) strength.
DBS’s currency exposure accounted for 7.4 percent of total income in 2025. OCBC and UOB also carry significant exposure to the IDR, accounting for 7.2 percent and 4.6 percent of their total income in 2025, respectively.
This weakness is partially offset by their Malaysia exposure, which accounted for over 12 percent of OCBC’s and UOB’s total income last year, respectively.
“The Singapore Dollar strengthened 0.7 percent against the US Dollar in the first five months of 2026, reflecting Singapore’s strong fiscal standing and the resiliency of its financial system” commented UOBKH Analyst, Jonathan Koh.
“Heightened geopolitical uncertainties have reinforced Singapore’s safe-haven appeal, driving deposit growth and wealth management inflows into local banks, particularly from Middle East-based clients reallocating assets away from perceived riskier jurisdictions in the Gulf region, such as Dubai” Koh stated.
While banks clearly have a vested interest in accurately forecasting major currency pairs to manage the material balance sheet impact on their bottom line, how well do CFOs and treasurers fare when it comes to FX risk management among highly interconnected importers and exporters across Singapore and Hong Kong?
East & Partners next Business FX research round is now open for Singapore and Hong Kong markets and we are confirming client interest and private questions now.
We go directly to key decision makers in charge of managing foreign currency exposures to capture how businesses are actually managing FX – hedging behaviour, banking relationships and unmet needs.
The result is market wide ground-level voice-of-customer intelligence that your FX sales and product teams can’t get any other way.
Key dates:
13 July – Participation deadline
Early September – Insights delivered
If you’re responsible for FX sales, FX product, or client strategy in either market, now is the time to confirm your interest.