Treasury and Markets

Global Markets delivered an outstanding performance in 2025, achieving substantial year-on-year revenue growth while laying the foundation for future growth. On 1 July 2025, we integrated the securities businesses of OCBC Securities Pte Ltd, OCBC Securities Brokerage (Hong Kong) Ltd, and PT OCBC Sekuritas (Indonesia) into the Global Markets divison as Global Markets Equities. This strategic move provides centralised oversight of our full suite of financial markets products – equities, FX, rates, and credit – enabling us to eventually deliver institutional-grade capabilities and innovative solutions to meet the evolving needs of corporate, commercial, and Bank of Singapore customers.

We also achieved several market-first milestones. OCBC became the first in Singapore to offer structured deposits online for our consumer banking customers, enhancing accessibility and convenience. We were also the first in the market to introduce private equity-linked notes to our Premier Private Client segment – an asset class traditionally reserved for institutional investors and private banking customers.

Advancing Capabilities with AI, Digital and Data Solutions

In the past year, we continued to deliver innovative digital solutions, drive strong growth in digital business, and embed digitalisation across our operations. Online FX and FX API volumes and revenues recorded substantial year-on-year growth, underscoring the success of our digital strategy. Our online precious metals business achieved exceptional performance, with revenues increasing multiple-fold, supported by record gold and silver prices.

To strengthen client engagement, we launched OCBC Markets Watch, our first AI-powered WhatsApp chatbot, providing targeted corporate clients with real-time market news and FX prices. Regionally, we extended our FX API offering to Malaysia and Hong Kong, complementing our established presence in Singapore and reinforcing our regional connectivity.

We also enriched our offering of alternative investment products. Our bespoke tokenised bonds offering, launched in late 2024, gained strong traction among corporate customers, enabling customised fixed-income investments with fractional ownership, T+0 settlement, and lower custody costs. Additionally, OCBC Securities introduced Cryptocurrency ETFs, further diversifying options for our customers.

Another significant step in digital innovation was taken by leveraging blockchain to launch a US$1 billion digital US Commercial Paper (USCP) programme, enabling near-instantaneous short-term US dollar funding. This breakthrough is powered by tokenised securities and funds on-chain, allowing OCBC to receive funds within minutes – an important milestone in strengthening liquidity resilience. Beyond issuance and settlement, the programme's record-keeping and servicing will also be fully on-chain, making OCBC the first USCP issuer globally to adopt blockchain across the entire securities lifecycle. This reduces reliance on traditional infrastructure, intermediaries, and legacy payment systems, while enhancing efficiency and transparency.

Harnessing ASEAN–Greater China Synergies

We further deepened product connectivity between ASEAN and Greater China by actively participating in key cross-border initiatives such as Repo Connect and RMB Business Facilities (HKMA).

To support regional financing needs, we delivered hedging solutions for project finance and syndicated loans across China, Hong Kong, and Taiwan, while introducing wealth solutions that enable onshore Chinese customers to access offshore investments, broadening global opportunities.

Aligned with our One Group strategy, OCBC China partnered with Global Markets Sales and Structuring to execute the first Carbon-Linked Cross Currency Swap for the Ximenkou Plaza project, jointly managed by Tongchuang and Keppel Group. This pioneering transaction provided robust hedging against FX and interest rate volatility and advanced our client's sustainability goals by embedding Verra-certified carbon credits procured through OCBC's Emissions Trading Desk. These efforts enhance liquidity, strengthen risk resilience, and reinforce OCBC's role in supporting trade and capital flows across this critical economic corridor.

Elevating Market Insights

The establishment of OCBC Group Research under Global Markets marks a significant step forward in strengthening our research capabilities. This integration brings together broader expertise with a sharper focus on delivering actionable insights. We are enhancing core research in macroeconomics, FX, rates, commodities, and sustainability, while expanding single-name coverage across fixed income and equities. Initial priorities include USD credit and equity research in the US, Greater China, Indonesia, and Singapore, complementing existing SGD credit coverage, with a clear ambition to build a comprehensive multi-asset research platform.

In Singapore, initiatives such as the Equity Market Development Program by MAS are also expected to boost interest in small- and mid-cap stocks. To capture these opportunities, we will grow our coverage, adding 30 companies from the NEXT 50 list, launch thematic and investor-focused reports, and deliver more trading ideas, conviction calls, and webinars.

Accelerating Our Sustainability Journey

Global Markets advanced its sustainability agenda in 2025 through innovative products, impactful transactions, and thought leadership. We executed three Sustainability-Linked Interest Rate Swaps, enabling customers to hedge sustainability-linked loans while supporting social causes such as urban greening through the Garden City Fund. These bespoke solutions reflect our commitment to creating financial products that deliver both economic and social impact, and are recognised via our various awards, including Best for Sustainable Treasury by the Corporate Treasurer in Singapore, Southeast Asia and APAC, as well as best ESG Advisory and ESG initiative.

Our journey continues with a sharper focus on responsible investing and real-world impact. Over 40% of our credit securities portfolio is invested in companies rated MSCI ESG BB or higher, underscoring our commitment to decarbonisation and sustainable growth.

Looking Ahead

We maintain a positive outlook on equities in 2026, supported by lower interest rates and Asia's compelling valuations that continue to attract long-term investors. While volatility is expected across FX, equities, bonds, rates, and commodities, we are committed to actively engaging clients with proactive advice and tailored solutions. At the same time, we will advance our digital agenda to improve efficiency across communications, product delivery and operations, supporting an agile, future-ready organisation.