Singapore's average daily FX trading volumes reached S$1.5tn in 2024, and global share hit 11.8% by April 2025 according to BIS triennial survey.

Singapore's foreign exchange average daily traded volumes surpassed S$1.5 trillion in 2024, marking a new milestone for the city-state as it strengthened its position as the third-largest global FX centre. The record figure, confirmed by Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun at the MAS Annual Report media conference in 2025, underscores Singapore's deepening role in global currency markets during a period of shifting trade and capital flows. The milestone extends a trajectory that has seen Singapore's FX volumes surge by 60% in US dollar terms since April 2022, making the city-state the dominant FX hub in Asia Pacific by a wide margin.

Record FX Volumes in 2024

MAS Managing Director Chia Der Jiun stated that "Singapore continues to grow as a leading FX hub in Asia, with the FX average daily traded volumes surpassing S$1.5 trillion in 2024," according to remarks delivered at the MAS Annual Report conference in 2025. The figure represents a milestone for the city-state's financial ecosystem, which has seen broad-based expansion across banking, insurance, and asset management sectors over the same period. Total assets under management in Singapore exceeded S$6 trillion for the first time in 2024, growing 12.2% year-on-year, while the corporate debt market registered over S$300 billion in total issuance, up more than 30% from the prior year. This multifaceted growth positions Singapore as a leading FX hub in Asia, supported by deep liquidity across G10 and Asian emerging market currencies.

Global Ranking and Market Share

Singapore's share of global FX turnover rose to 11.8% in April 2025, up sharply from 9.5% in April 2022, according to the BIS Triennial Central Bank Survey released in October 2025. This places Singapore as the third largest FX centre globally after the United Kingdom and the United States, and the largest in Asia Pacific, per MAS data. In absolute terms, Singapore's FX average daily trading volumes reached US$1.485 trillion in April 2025, a 60% increase from US$928 billion in April 2022. The semi-annual survey by the Singapore Foreign Exchange Market Committee (SFXMC) corroborates a similar trend, reporting daily trading volumes of S$1.273 trillion in April 2025, up 12% from October 2024. The scale of the market is such that nearly US$1 trillion of FX is traded in Singapore on a daily basis, with all of the top five global banks housing their regional FX sales and trading teams in the city-state.

Share of global FX turnover (%)Source: Orionmano Industries

Drivers of Growth

MAS data indicates that Singapore's FX volume growth was broad-based across major currencies. The US dollar, Japanese yen, and Euro registered trading volume increases of between 36% and 65% from April 2022 to April 2025, while trading volumes of the Chinese renminbi and Australian dollar also rose. By instrument, FX spot, forwards, and swaps—which together accounted for 90% of Singapore's turnover—grew between 42% and 61% over the same period. Non-derivatives represented approximately 90% of daily turnover in April 2025, with derivatives such as options and currency swaps accounting for the remaining 10.5%, or S$133.3 billion, per SFXMC data. The USD/JPY was the most traded currency pair in Singapore in April 2025, with monthly turnover of S$5.7 trillion, of which 61.3% came from forex swaps.

MAS Executive Director Lim Cheng Khai attributed the strong growth to "deeper liquidity in the Asian time-zone to support economic and hedging needs in the region." Broad-based growth across major and regional currencies, as well as FX instruments, reflects Singapore's continued role as a trusted and efficient price discovery hub, reinforcing its position as a gateway for global investors into Asia's fast-evolving economies and financial markets. The top three most traded pairs in the Singapore market—USD/JPY, USD/RMB, and AUD/USD—reflect the region's trade and investment linkages with Northeast Asia, China, and Australia.

Implications for Singapore's Financial Ecosystem

Singapore's outsized FX volumes are tightly linked to its status as a major trading and corporate treasury hub. Total merchandise trade reached S$1.3 trillion in 2024, with exports and imports both rising, while services trade reached S$1,021.4 billion, including S$533.7 billion in services exports and S$487.6 billion in services imports. The scale of international financial flows—S$1.5 trillion in daily FX turnover—generates substantial demand for compliance infrastructure, including sanctions controls, customer due diligence, source-of-funds checks, and real-time monitoring. This has boosted Singapore's RegTech sector, as cross-border transaction intensity drives demand for automated compliance solutions capable of screening against multiple sanctions lists and managing complex transaction monitoring workflows across currencies and counterparties.

The FX sector also underpins Singapore's overall international financial centre vibrancy. As Chia Der Jiun noted, "fundamental shifts and changes to the global economy will begin to take shape in the months and years ahead. Tariffs and other trade restrictive practices and geopolitical fragmentation will bring about deeper changes to trade, investment flows and supply chains." While Singapore's neutral, liquid FX hub position is expected to deepen as global trade restructuring accelerates, headwinds from tariff policies could moderate growth in 2025-2026. MAS has emphasised that Singapore's economy and businesses will need to navigate these changes by 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 of stability for the Singapore economy during this period of uncertainty.