Global Finance reaffirms BBVA’s leadership in the Foreign Exchange (FX) industry

Global Finance has recognized BBVA as the Best Foreign Exchange Bank in Colombia, Turkey, and Spain, and has also awarded the bank Best Technology FX Solution for SMEs. These prestigious honors will be presented on February 25 in London at the 2025 Gordon Platt Foreign Exchange Awards

BBVA has once again demonstrated its ability to lead the global FX market, excelling in three key regions and delivering innovative technological solutions for small and medium-sized enterprises (SMEs). The awards, presented by Global Finance magazine, highlight BBVA’s dominance and innovation in the competitive global FX market.

According to Luis Martins, Head of Global Macro at BBVA, “These awards reflect our ability to combine cutting-edge technology with a comprehensive offering and deep understanding of our clients’ needs.”

Leadership Rooted in Innovation and Client-Centric Focus

In Colombia, BBVA has solidified its position as a key player in the FX market, capturing a significant share of the country’s total transactions. By diversifying its channels—leveraging both proprietary digital platforms and third-party systems—the bank ensures greater accessibility and liquidity for its clients.

Throughout 2024, BBVA expanded its FX offering in Colombia to include over 25 currency pairs, providing tailored dynamic pricing during extended service hours. The bank has also pioneered ACH-based operations, enabling transactions with funds held at other banks, and enhanced its digital capabilities to offer forward-forward solutions to offshore clients.

In Turkey, BBVA has established itself as a leader in both FX derivatives and spot transactions. As the only market maker for USD/TRY warrants on the Istanbul Stock Exchange and the top market maker for listed USD/TRY options on the Istanbul Futures and Options Exchange, BBVA consistently delivers sophisticated solutions.

BBVA Turkey’s FX product offering stands out for its robust front-office capabilities (Sales and Trading teams) backed by advanced technological tools, including precise data analytics to anticipate market needs. Additionally, the bank excels in OTC-listed option trading and on the Istanbul Exchange.

Empowering SMEs with tailored FX solutions

The award for Best Technology FX Solution for SMEs recognizes the value of BBVA’s mobile application, well suited  for the needs of small and medium-sized businesses.

Available in Peru, Colombia, Spain, and Mexico, the app delivers a globally integrated yet locally focused experience, enabling SMEs to manage currency exchange, perform international transfers, and set up market alerts easily and intuitively.

Luis Martins, Head of Global Macro at BBVA, stated: “We’ve created an international platform that allows clients to tailor it to their unique needs. Our primary goal was to address all possible FX-related requirements, and this app delivers a comprehensive service anytime, anywhere.”

Keys to BBVA’s Success in the FX Market

BBVA’s strong commitment to best practices in the FX industry dates back to 2017, when it became the first eurozone bank to adhere to the Global FX Code of Conduct. The bank renewed its commitment in May 2023. BBVA is a member of the European Central Bank’s Foreign Exchange Contact Group (FXCG) and maintains regular contact with the Bank of Spain to align with regulatory standards. Finally, in 2024 BBVA became a member of the London Global FX Division (GFXD) of the Global Financial Markets Association (GFMA).

Luis Martins emphasized: “BBVA’s leadership in this business unit is driven by a highly specialized team and a relentless focus on innovation. Throughout 2024, we’ve worked on various initiatives that have enhanced new channels, expanded currency coverage, and improved our ability to meet client needs—while also attracting new clients through our differentiated offerings.”