IBK, Launches Non-Face-to-Face Foreign Exchange Trading Platform 'IBK FXON'

Enhancing Customer Convenience with New Various Order Functions and Contactless Document Submission Service
Strengthening Investment Information Content such as Foreign Exchange Market News and Economic Indicators

IBK Industrial Bank announced on the 17th the launch of ‘IBK FXON,’ a platform that enables non-face-to-face foreign exchange transactions and foreign exchange risk management.

IBK Industrial Bank completely rebuilt its non-face-to-face foreign exchange transaction system, ‘IBK Internet FX·Forward,’ which was the first of its kind in the banking sector launched in 2011, into ‘IBK FXON’ with the goal of meeting diverse customer needs and maximizing convenience.

‘IBK FXON’ connects multiple foreign exchange brokers and electronic trading interfaces (APIs) to provide real-time optimal quotes and newly offers various order functions including ▲basic orders (market price, limit price, MAR) ▲simple orders ▲batch orders ▲periodic reservation orders ▲RFQ orders.

It also provides real-time foreign exchange market news, economic indicators, various functional exchange rate charts, and a non-face-to-face document submission service. In particular, through the non-face-to-face document submission service, documents such as product brochures that must be submitted annually at branches can be submitted via ‘IBK FXON.’

Additionally, the Hedge Messenger, which helps import and export companies manage foreign exchange risk, has been improved to provide optimal foreign exchange hedge strategies by allowing users to check expected profits and losses comparing hedged and unhedged positions based on past exchange rates.

‘IBK FXON’ is available to anyone who registers for IBK Industrial Bank’s internet banking and applies for the service. A representative from IBK Industrial Bank stated, “We expect IBK FXON to satisfy the diverse needs of foreign exchange transaction customers and enhance convenience,” adding, “We plan to continue developing and providing various foreign exchange-related services.”