Thursday, January 18, 2016 06:54 PM / TheAnalyst
The financial services sector is one critical segment of the economy that plays very important economic roles. The sector has been the highest beneficiary of FX utilization through January 2013 to May 2015.
It comprises two key sub-sectors namely Insurance and insurance related services & banking and financial other financial services. The allocation of FX to the insurance sub-sector has been around 0.03% while the banking and other financial services sub-sector enjoyed a chuck of FX allocation of about 33.76% out of about 36.82% allocated to the whole sector between Jan 2013 and May 2015.
The top beneficiary of FX in the banking and other financial services sub-sector has been asset management, such as cash or portfolio management with about 19.65% FX utilization. Payment and money transmission services also enjoyed about 7.50% FX utilization while lending of all types which includes, inter alia, consumer credit, mortgage credit, factoring and commercial transaction was allocated 3.02% of FX.
In the Insurance and insurance related services sub-sector, reinsurance and retrocession and non-life insurance services has been the key beneficiary with 0.02% and 0.01% FX utilization respectively.