Singapore's foreign exchange average daily traded volumes exceeded S$1.5 trillion in 2024, cementing its position as the third largest FX centre globally and the largest in Asia Pacific.

Market Volume Record

Singapore's FX average daily traded volumes surpassed S$1.5 trillion in 2024, according to remarks by MAS Managing Director Chia Der Jiun at the MAS Annual Report media conference in July 2025. The record figure represents a continuation of strong growth momentum that has seen the city-state's FX market expand by 60% from April 2022 to April 2025, when volumes reached US$1.485 trillion (approximately S$2.0 trillion based on current exchange rates). Singapore's share of global FX volumes rose to 11.8% in April 2025, up from 9.5% in April 2022, according to MAS data.

The semi-annual survey by the Singapore Foreign Exchange Market Committee (SFXMC) reported that daily trading volume of derivative and non-derivative FX transactions stood at S$1.273 trillion in April 2025, a 12% increase from S$1.136 trillion in October 2024. Non-derivatives accounted for approximately 90% of Singapore's daily turnover in April 2025, while derivatives—including options and currency swaps—represented S$133.3 billion or 10.5% of the local FX market.

Currency Pair Dynamics

The USD/JPY remained the most traded currency pair in Singapore during the assessment period. SFXMC data for April 2025 recorded monthly turnover of US$5.7 trillion for USD/JPY, with FX swaps comprising 61.3% of this total. The pair's performance has been consistent, ranking first in both the October 2024 survey (US$6 trillion) and April 2024 survey (US$5.3 trillion).

For the October 2024 survey period, the EUR/USD led with average daily volume of US$239.8 billion, followed by USD/CAD at US$157.4 billion and USD/JPY at US$132.36 billion. Singapore's market depth in Asian emerging market currencies remains a distinctive feature, complementing its deep liquidity in G10 currencies.

Average Daily Volume (SGD Trillions)Source: Orionmano Industries

Broader Financial Sector Context

Singapore's financial services sector expanded by 6.8% in 2024, significantly outperforming the previous year's growth rate. Assets under management (AUM) exceeded S$6 trillion for the first time, growing 12.2% year-on-year, driven by both Traditional and Alternative sectors including private equity, venture capital, hedge funds, real estate, and REIT managers. The corporate debt market registered strong growth, with total issuance increasing more than 30% from the previous year to exceed S$300 billion.

The insurance industry also expanded, with total assets increasing by 3.6% in 2024 over 2023 to S$456.4 billion. The banking sector maintained resilience, with total assets growing at a 6.8% compound annual growth rate (CAGR) over 2021-2024.

Singapore's total merchandise trade reached S$1.3 trillion in 2024, with overall services trade reaching S$1,021.4 billion—comprising S$533.7 billion in services exports and S$487.6 billion in services imports. These cross-border transaction flows remain a key demand driver for FX trading volumes, as they underpin the need for hedging, treasury management, and settlement services.

Infrastructure and Market Position

All of the top five global banks house their regional FX sales and trading teams in Singapore, according to MAS. The Monetary Authority of Singapore regulates market operators under two categories—Approved Exchanges and Recognised Market Operators—with systemically important operators subject to higher statutory obligations.

MAS has placed increased emphasis on stress testing to assess domestic financial system stability. In its latest assessment, the regulator applied a more severe scenario incorporating sharp tightening in global financial conditions, heightened market volatility, a trade shock, and persistent policy uncertainty. The key finding was that Singapore banks maintain strong capital buffers and healthy liquidity profiles, capable of weathering a global recession and tightened financial conditions for an extended period.

Outlook and Risks

MAS Managing Director Chia Der Jiun cautioned that financial sector growth is unlikely to match the highs of recent years, citing prevailing global uncertainties. Tariffs and other trade-restrictive practices, alongside geopolitical fragmentation, are expected to bring deeper changes to trade, investment flows, and supply chains. Singapore's economy and businesses will need to navigate these changes by strengthening connectivity, diversifying revenue streams, and building more resilient business models.

The sector's average growth rate for 2021-2024 stood at 4.7%, keeping Singapore on track to meet the Industry Transformation Map (ITM) 2025 target of 4% to 5% per annum over 2021-2025. Average annual net jobs created for 2021-2024 was 4,400, with more than 90% going to locals—exceeding the ITM 2025 target of 3,000-4,000 net jobs per annum.

MAS has reiterated the importance of sound 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.