Singapore’s foreign exchange average daily traded volumes surpassed S$1.5 trillion in 2024, cementing the city-state’s position as the third-largest FX centre globally and the largest in Asia-Pacific.

FX Volume Growth and Global Standing

The Monetary Authority of Singapore (MAS) confirmed that Singapore’s FX average daily traded volumes exceeded S$1.5 trillion in 2024, a milestone that underscores the city-state’s deepening role as a global FX hub. According to the BIS 2025 Triennial Central Bank Survey, Singapore’s FX average daily trading volumes (ADTV) reached US$1.485 trillion in April 2025, representing a 60% increase from April 2022. Singapore’s share of global FX volumes rose to 11.8% in April 2025, up from 9.5% in April 2022, reinforcing its position behind only the UK and US.

The growth was broad-based across major currencies. The US dollar, Japanese yen, and Euro registered trading volume increases of between 36% and 65% from 2022 to 2025. Volumes in FX spot, forwards, and swaps—which together accounted for 90% of Singapore’s turnover—rose by between 42% and 61% over the same period. Trading volumes of the Chinese renminbi and Australian dollar also increased.

ADTV (USD trillion) (USD trillion)Source: Orionmano Industries

Broader Financial Sector Performance

The FX milestone was part of a robust year for Singapore’s financial services sector, which expanded 6.8% in 2024—significantly outperforming the prior year. MAS Managing Director Mr Chia Der Jiun noted that the sector’s average growth rate for 2021–2024 was 4.7%, keeping Singapore on track to meet the Industry Transformation Map (ITM) 2025 target of 4%–5% per annum over 2021–2025. The sector also generated an average of 4,400 net jobs per annum from 2021–2024, exceeding the ITM target of 3,000–4,000, with more than 90% going to locals.

Banking sector growth remained resilient, with total assets growing at a 6.8% compound annual growth rate (CAGR) over 2021–2024. The insurance industry expanded as well, with total assets increasing 3.6% in 2024 over 2023 to reach S$456.4 billion.

Asset Management and Corporate Debt Markets

Assets under management (AUM) in Singapore grew 12.2% year-on-year to exceed S$6 trillion for the first time, driven by both traditional and alternative sectors—including private equity, venture capital, hedge funds, real estate, and REIT managers. The corporate debt market also registered strong growth, with total issuance increasing more than 30% from the previous year to exceed S$300 billion.

Wealth Management and Regulatory Oversight

Wealth management remains a core pillar of Singapore’s financial centre strategy. MAS emphasised 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 wealth while tightening oversight of suspicious flows.

Cross-Border Trade and FX Flows

Singapore’s position as a regional FX hub is underpinned by its trade intensity. In 2024, Singapore’s total merchandise trade reached S$1.3 trillion, with exports and imports both rising. Services trade reached S$1,021.4 billion, including S$533.7 billion in services exports and S$487.6 billion in services imports. This trade volume drives demand for FX transactions, sanctions controls, customer due diligence, and real-time compliance monitoring.

Outlook and Risks

MAS has cautioned that financial sector growth is unlikely to match the highs of recent years, citing prevailing global uncertainties. Mr Chia Der Jiun noted that tariffs, trade-restrictive practices, and geopolitical fragmentation will bring deeper changes to trade, investment flows, and supply chains. MAS’ mandate to secure medium-term price stability through its trade-weighted currency framework will provide an anchor of stability.

Stress tests conducted by MAS this year applied a more severe scenario, including sharp tightening in global financial conditions, heightened market volatility, a trade shock, and persistent policy uncertainty. Key findings indicated that Singapore banks have strong capital buffers and healthy liquidity profiles and should be able to weather a global recession and tightened financial conditions for an extended period.

Singapore’s FX market is supported by its infrastructure: all of the top five global banks house their regional FX sales and trading teams in Singapore, offering deep liquidity for G10 currencies and Asian emerging market currencies. Mr Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, attributed the growth to “deeper liquidity in the Asian time-zone to support economic and hedging needs in the region,” reinforcing Singapore’s role as a “trusted and efficient price discovery hub” and a gateway for global investors into Asia’s evolving economies and financial markets.