MAS triennial survey recorded US$1.485 trillion in April 2025, up 60% from 2022, reinforcing Singapore's rank as third-largest global FX centre.

The S$1.5 Trillion Milestone in 2024

Singapore’s foreign exchange market crossed an average daily traded volume (ADTV) of S$1.5 trillion in 2024, a milestone that underscores the city-state’s deepening liquidity and its growing share of global FX flows even as macroeconomic uncertainties persisted during the year. Industry estimates indicate that Singapore’s FX ADTV in 2024 stood at approximately S$1.5 trillion, or roughly US$1.11 trillion at prevailing exchange rates, cementing its position as the third-largest global FX centre after the United Kingdom and the United States.

The 2024 figure represents a notable increase from the US$929 billion recorded in the 2022 Bank for International Settlements (BIS) triennial survey, which underpins the official benchmark for global FX centre rankings. While the BIS and Monetary Authority of Singapore (MAS) conduct their definitive survey only once every three years, the intermediating growth trajectory captured by market sources points to a centre that continues to attract order flow from institutional investors, hedge funds, and corporate treasuries seeking access to Asian time-zone liquidity.

Singapore’s FX ecosystem has benefited from sustained investments in trading infrastructure, a robust regulatory framework, and its role as a regional hub for treasury operations. Multinational corporations and financial institutions have deepened their presence in the city-state, contributing to the steady climb in daily turnover.

MAS Triennial Survey Confirms Accelerated Growth in 2025

The official triennial survey conducted by MAS in April 2025 validates and accelerates the growth trend, reporting that Singapore’s FX ADTV reached US$1.485 trillion — a 60% increase from the US$929 billion recorded in April 2022. MAS released the findings jointly with central banks and other authorities in 52 jurisdictions, standardising methodology across global markets.

Singapore’s share of global FX volumes rose to 11.8% in April 2025, up sharply from 9.5% in April 2022 and from 7.7% in April 2019. The 2.3-percentage-point gain over three years represents the fastest rate of market share expansion among the top five global FX centres. At 11.8%, Singapore now handles more than one of every nine dollars traded globally in over-the-counter FX markets, trailing only the UK and the US.

ADTV (US$T) (US$T)Source: Orionmano Industries

Currency and Regional Drivers

The growth in Singapore’s FX volumes was broad-based across major currencies, according to MAS data. Trading volume increases between 2022 and 2025 ranged from 36% to 65% for the US dollar, Japanese yen, and euro — the three most heavily traded currencies in the centre.

The US dollar remains the dominant leg in Singapore’s FX market, reflecting the currency’s role as the global reserve and transaction currency. The Japanese yen saw particularly strong growth, likely driven by increased hedging activity from Asian corporates and asset managers amid the Bank of Japan’s policy normalisation. The euro’s rise in Singapore mirrors the broader growth in EUR-denominated trade and investment flows through Asian financial centres.

Asia-Pacific currency pairs also contributed meaningfully. The Australian dollar, offshore Chinese renminbi, and Korean won trades have gained depth in Singapore as regional trade corridors deepen. Singapore’s geographic positioning — bridging the time-zone gap between Tokyo and London — continues to attract non-deliverable forward and spot trading in Asian emerging market currencies that lack onshore liquidity.

The survey captured turnover across spot, outright forwards, foreign exchange swaps, currency swaps, and options. FX swaps remain the largest product segment by volume, used heavily by banks for short-term liquidity and funding management.

Outlook Amid Global Uncertainties

While the FX volume data paints a picture of extraordinary momentum, MAS has flagged headwinds that could moderate activity in the second half of 2025. During the release of the MAS Annual Report for Financial Year 2024/2025, Managing Director Chia Der Jiun stated that the central bank takes “a cautious view of the outlook” and that its base case foresees global economic activity slowing in H2 2025, with inflation dampened for the year.

The cautious tone is driven in part by the recent wave of tariff announcements that have injected significant uncertainty into global trade and investment flows. MAS noted that tariffs and policy unpredictability have begun to weigh on global activity and are expected to exert disinflationary pressure outside the United States. Despite temporary boosts from frontloaded orders, Singapore’s own GDP growth is expected to soften accordingly.

Domestically, core inflation has continued its downward trend, falling to 0.6% year-on-year in the first five months of 2025. Subdued inflation provides MAS with policy flexibility, but it also reflects weaker demand conditions that could reduce corporate hedging volumes in the months ahead.

MAS is not, however, relying on organic market growth alone to sustain Singapore’s FX competitiveness. The regulator is investing actively across three strategic fronts: AI capabilities, sustainable finance, and scam prevention. Last year, MAS conducted a thematic review of AI use in major banks, finding varying levels of maturity in AI risk management. This year, MAS and the Institute of Banking and Finance Singapore (IBF) are stepping up efforts to upskill financial sector professionals in generative AI through the Project MindForge consortium, which includes over 30 financial industry participants — banks, insurers, asset managers, and technology partners.

On sustainability, MAS continues to position Singapore as a leading hub for green and sustainable finance, which is expected to generate new FX flows as ESG-labelled bonds and transition financing expand. The simultaneous push for digital resilience and scam prevention reinforces the trust factor that underpins Singapore’s appeal to global market participants.

The combination of a surging market share — now 11.8% — proactive investment in next-generation capabilities, and a measured regulatory environment suggests Singapore’s FX centre is structurally well-positioned, even if near-term tariff headwinds may temporarily slow the pace of volume growth.