Meet the Expert: Chris Smith, Summit FX

With more than 30 years in the industry, Chris Smith, senior consultant at Summit FX, has seen every side of the FX market – from high-street banks to fintech challengers – and shares why early planning, clear advice and transparency are key to managing currency risk effectively.

What trends are you seeing in the markets right now?

Banks are giving businesses very little support when it comes to managing FX. On top of that, some of the biggest FX brokers are buying smaller firms and, much like the banks, are pushing clients online to manage on their own. Businesses are being left to navigate a complex market without much guidance.

What advice would you give businesses dealing with currency risk for the first time?

Talk to someone early. Too often, businesses leave FX to the last minute. They agree on pricing or contracts, only to find the markets have moved against them, eating into their profit margins. A little guidance early on can save a lot of headaches and money.

How do you see the FX market changing over the next few years?

Fintechs are already challenging how banks handle FX payments and receipts and I expect crypto to play a role in the future. These changes will give businesses more choice, easier access to the markets and potentially lower upfront costs.

What motivates you personally in your work?

I love helping businesses solve problems. Understanding their challenges, building long-term relationships and seeing them succeed gives me a buzz every day.

How has working with Evolve Business Finance benefited you?

I’ve worked with Stef and Evolve for over five years. Our vision for how clients should be treated aligns perfectly – it’s a partnership that genuinely supports businesses in the way we believe they deserve.

What sets you apart from others in the FX industry?

With over 30 years in the FX industry, I’ve worked with the major providers and seen every kind of business challenge. My focus is on simplifying things for clients, educating them and providing transparent, straightforward service. We take care of the risk so they can focus on growing their business. And as a thank you, 20% of our success goes back to our clients.

What’s one piece of advice you’d give to any business managing foreign exchange right now?

Don’t treat FX as an afterthought. Whether you’re new to it or managing regular trades, planning early and seeking good guidance can make a huge difference to your bottom line.