HSBC Making Waves in FX Services Across Asia-Pacific
With international clients wanting to tap into the Asia-Pacific (Apac)-restricted markets and local market players looking to expand their reach, HSBC has emerged as a key provider of global FX services in this rapidly growing region. Over the past few years, HSBC has witnessed a significant surge in demand for FX services in the Apac region, especially from businesses operating in the region’s restricted markets. This growth is being primarily driven by market participants aiming to streamline their workflows and enhance efficiencies in their daily FX operations. As a leading FX bank in Apac, HSBC caters to numerous participants looking to take their operations to the next level.
Vincent Bonamy, head of global intermediary services at HSBC, notes, “We’ve been seeing a solid demand for FX services across Apac, particularly in Hong Kong and Singapore, as well as in various restricted currency markets.” The increasing demand has led to a strong interest in HSBC’s automated FX risk management services, particularly from asset owners, asset managers, and medium to large corporate clients. These firms are at a stage where reevaluating their FX workflows and operations is crucial to staying competitive in the market. The need for greater efficiencies to keep up with rivals is pushing them towards automation of their risk management processes.
HSBC is focused on developing solutions that cater to the requirements of international clients seeking access to Asia’s restricted markets and global, as well as domestic, asset managers aiming to adopt best practices. The bank’s digital cockpit allows clients to monitor their FX positions in real-time, ensuring transparency and control over their chosen parameters. The growing demand for FX overlay services in Apac reflects a shift towards optimising the hedging of FX positions among market participants seeking guidance from HSBC on efficient FX trading strategies.
In 2024, HSBC witnessed significant growth in algorithmic execution, with a more than 50% increase in algo volume in Apac. The bank has introduced innovative algos like the basket algo to help clients execute orders effectively and reduce risks in the market. Asian corporates, including multinational luxury goods companies and technology players, have shown a growing interest in algorithmic trade execution, particularly in USD/offshore renminbi (CNH). The adoption of algos by a diverse range of market participants has contributed to the overall growth in algo volume in the region.
HSBC’s broad-based liquidity offering in Apac sets it apart, with a network of traders across 14 countries and territories in the region. The bank provides deep FX liquidity through multi-dealer platforms and direct connectivity, offering sophisticated pricing mechanisms and trading options to clients. With a strong history of supporting trade and investment flows in China and the Apac region, HSBC remains a key provider of FX forward and swap liquidity, especially in CNH and HKD, for regional and international clients. The bank’s commitment to delivering high-quality FX services has been recognized through awards such as Best FX overlay manager for Asia clients and Best FX algo provider for Asia currencies at the FX Markets Asia Awards 2025.
In conclusion, HSBC’s growing presence in the FX services sector in Apac underscores its commitment to meeting the evolving needs of market participants in the region. The bank’s focus on automation, transparency, and innovation in FX trading solutions positions it as a trusted partner for clients looking to navigate the complexities of the FX market in Asia-Pacific.
