Singapore, HK lead FX products usage in Asia

Singapore usage around 9% points above average.

East & Partners' first Asian Small Business FX Markets review revealed that while 100 percent of the businesses surveyed are using Spot FX products, only one fifth (19.4 percent) are using FX Options and 21.0 percent Forward FX.

The average product cross sell ratio was 1.4, meaning that the average Micro or SME business in Asia is engaging with 1.4 FX products, added that its first Asian Small Business FX Markets review

In terms of product penetration, businesses in Singapore and Hong Kong tended to be more engaged with these products, concluded East & Partners.

Singapore, for example, accounts for 30.3 percent of Forward FX product penetration of the four jurisdictions, and 30.9 percent of FX Options trading.

Malaysian businesses are the least engaged, with penetration of around 18.0 percent for both products, although the report also delivers evidence that some Malaysian businesses are using Singapore as their FX hub.

The Asian Small Business FX Markets review interviewed 1,400 businesses across four jurisdictions: Hong Kong, Malaysia, Singapore and the Philippines.

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