Asia’s FX markets are being rebuilt from the inside. Across Korea, Taiwan and India, global investors and corporates are moving from offshore NDFs to deliverable, onshore execution, drawn by deeper liquidity and cheaper hedging. The banks that benefit are those that built genuine onshore infrastructure before the demand arrived. In 2025, that was Deutsche Bank.
Korea is the clearest example. Deutsche has been one of the most committed participants in the Registered Foreign Institution (RFI) scheme that is opening the won to offshore trading, with the ministry of economy and finance recognising it as a leading RFI participant.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
