Record average daily trading volume cements Singapore's position as Asia's leading FX hub, backed by strong financial sector growth.

Record FX Volume Confirms Singapore's Asian FX Hub Status

Singapore's average daily foreign exchange trading volume exceeded S$1.5 trillion in 2024, according to the Monetary Authority of Singapore's (MAS) Annual Report 2024/2025, a record that underscores the city-state's consolidation as Asia's leading FX hub amid broad financial sector expansion. The figure represents a significant milestone for a market that has steadily grown its share of global FX flows, with MAS Managing Director Chia Der Jiun noting that "Singapore continues to grow as a leading FX hub in Asia." The strength carries into 2025: the Singapore Foreign Exchange Market Committee's semi-annual survey recorded daily trading volume of $1.273 trillion in April 2025, up from $1.136 trillion in October 2024—a 12% increase over six months.

Average Daily Volume (S$ trillion)Source: Orionmano Industries

Broad-Based Financial Sector Growth in 2024

The FX volume record sits within a broader expansion across Singapore's financial services sector, which grew 6.8% in 2024—more than double the 3.1% recorded in 2023, according to MAS data. From 2021 to 2024, the sector's average annual growth rate stood at 4.7%, keeping the industry on track to meet its Industry Transformation Map 2025 target of 4%–5% per annum.

Assets under management (AUM) grew 12.2% year-on-year to exceed S$6 trillion for the first time, driven by both traditional and alternative asset classes, including private equity, venture capital, hedge funds, and real estate investment trusts. The insurance industry also expanded, with total assets increasing 3.6% to S$456.4 billion in 2024. Corporate debt market issuance surged more than 30% from the previous year to over S$300 billion. Banking sector total assets grew at a compound annual growth rate of 6.8% over 2021–2024.

The sector created an average of 4,400 net jobs per annum over 2021–2024, exceeding the ITM 2025 target range of 3,000–4,000, with more than 90% of positions filled by local hires.

Cross-Border Trade and Wealth Management Drive FX Demand

The scale of Singapore's FX turnover reflects the city-state's position at the centre of regional goods, services, and treasury flows. In 2024, total merchandise trade reached S$1.3 trillion, with both exports and imports rising. Services trade hit S$1,021.4 billion, comprising S$533.7 billion in exports and S$487.6 billion in imports, underlining the cross-border transaction intensity that drives FX demand.

Currency pair data reveals the geographic orientation of this activity. The USD/JPY was the most traded currency pair in Singapore in April 2025, with monthly turnover of $5.7 trillion, of which 61.3% came from forex swaps—the most popular vehicle for FX trading in the market. The pair has consistently ranked first since at least April 2024. In the October 2024 SFXMC survey, the top three pairs by daily volume were EUR/USD at $239.8 billion, USD/CAD at $157.4 billion, and USD/JPY at $132.36 billion. Non-derivative transactions accounted for approximately 90% of Singapore's daily FX turnover in April 2025.

Wealth management remains a core pillar of FX demand. MAS has emphasized the importance of sound anti-money laundering and countering the financing of terrorism (AML/CFT) practices, following recent enforcement actions against nine financial institutions. Singapore continues to position itself as a trusted wealth hub—welcoming legitimate capital while tightening oversight of suspicious flows.

Outlook: Slower Growth Ahead Amid Global Uncertainty

Despite the banner year, MAS has signaled that the pace of expansion is unlikely to hold. "Looking ahead, we do not expect financial sector growth to continue at the pace of the last few years," Managing Director Chia Der Jiun stated at the MAS Annual Report media conference. The regulator identified tariffs and other trade restrictive practices, geopolitical fragmentation, and disruptions to trade, investment flows, and supply chains as key headwinds that will reshape the global economy in the months and years ahead.

MAS has outlined strategic priorities to navigate this environment: strengthening connectivity and linkages, diversifying revenue streams, and building more resilient business models. The central bank's mandate to secure medium-term price stability will provide an anchor for the Singapore economy amid rising uncertainty and structural change. For market participants, the message is clear—growth momentum in 2024 was exceptional, and the operating environment is shifting toward a more constrained trajectory.