United Overseas Bank (UOB) has been appointed as an Appointed Cross Currency Dealer (ACCD) for Singapore dollar and Indonesian Rupiah (SGD/IDR) transactions, a move sanctioned by the Monetary Authority of Singapore (MAS) and Bank Indonesia. This designation allows UOB Singapore and UOB Indonesia to facilitate cross-currency exchanges, providing corporate and institutional clients direct access to onshore IDR/SGD foreign exchange rates and liquidity for hedging trade transactions and investments.
This development builds on UOB’s previous achievements, including its 2021 appointment as an ACCD for Chinese Yuan and Indonesian Rupiah transactions in China. The new licences further cement UOB’s role in supporting local currency transactions across key regional trade and investment corridors. With its extensive ASEAN network and market expertise, UOB is strategically positioned to meet the cross-border trade, treasury, and investment needs of its customers.
The ACCD appointments highlight UOB’s commitment to enhancing economic connectivity and financial integration across ASEAN. By promoting the use of local currencies and facilitating efficient cross-border transactions, UOB continues to support intra-ASEAN trade and investment flows. Customers will benefit from seamless access to local currency liquidity, foreign exchange solutions, and risk management capabilities.
Wee Ee Cheong, Deputy Chairman and Group CEO of UOB, stated, “By facilitating our clients’ use of local currencies for their regional operations, we will help to drive greater bilateral trade and investment flows between Singapore and Indonesia, whilst contributing to greater intra-regional financial integration and cooperation.”
This strategic move positions UOB to capture opportunities arising from growing regional economic links, providing customised cross-border solutions to meet the increasing financing needs of its clients.
