UOB starts FX unit for small businesses

UNITED Overseas Bank (UOB) Group has set up a foreign exchange (FX) advisory and trading unit dedicated to small businesses in South-east Asia, as more of them seek advice on FX hedging.

This comes as UOB continues to be bullish in the SME space, posting double-digit growth in the SME segment last year, said Victor Lee, UOB Group's head of business banking at a press briefing yesterday.

But Mr Lee also noted a general sense of conservatism among small businesses, as they are more focused on cost management than on loans for business expansion at this point.