DBS Bank Taiwan yesterday launched an online contest inviting participants to predict which currency would appreciate the most against the greenback on a given day, in a bid to boost foreign currency trading.
The Singaporean lender aims to grow its foreign exchange turnover by double digits this year, said Stephanie Sun (孫苑綺), senior vice president of consumer banking at DBS Taiwan. Sun declined to give any numbers.
The contest, which runs through July 12, will help participants gain a better understanding of foreign exchange markets and the impact global economic dynamics have on a currency’s performance, Sun said.
“We encourage customers to stay up to date with market trends and factor in foreign currencies when allocating assets,” Sun said.
DBS expects the Australian dollar to strengthen against the US currency in the long run, while the Japanese yen is likely to weaken despite a short-term rebound, she said.
DBS Taiwan general manager Jerry Chen (陳亮丞) urged consumers to use foreign currencies to hedge against investment risks and maximize potential earnings amid the rapid change and internationalization of financial markets.
Participants in the contest have the chance to win shopping vouchers, free airline tickets to Singapore and a grand prize of NT$10,000, DBS said.