The city-state's average daily turnover reached US$1.136 trillion in October 2024, nearly double Hong Kong's volume, cementing its position as Asia's largest FX hub.

Singapore's FX Volumes Cross SGD 1.5 Trillion in October 2024

Singapore's foreign exchange market recorded average daily turnover (ADTV) of US$1.136 trillion in October 2024, equivalent to approximately SGD 1.53 trillion at prevailing exchange rates, according to the Singapore Foreign Exchange Market Committee (SFXMC) semi-annual survey. This milestone confirms Singapore's dominance as Asia's largest FX centre, nearly doubling Hong Kong's volume in the same period.

The October 2024 figure was 12% below the subsequent April 2025 record of US$1.273 trillion (SGD 1.72 trillion), indicating sustained upward momentum. Volumes have more than doubled since April 2021, when daily turnover was roughly US$0.637 trillion. The trajectory places Singapore in a strong position to narrow the gap with London and New York over the next triennial survey cycle, as structural demand from Asian time-zone liquidity and geopolitical hedging continues to drive growth.

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

Widening Lead Over Hong Kong

Singapore recorded almost twice the FX trading volume of Hong Kong in 2024, according to SCMP reporting on the SFXMC data. The Monetary Authority of Singapore (MAS) confirms Singapore is the largest FX centre in Asia and the third largest globally after the UK and US. The BIS 2025 triennial survey showed Singapore's global FX market share rose to 11.8% from 9.5% in 2022, while ADTV surged over 60% to US$1.5 trillion—more than twice the global growth rate.

The gap between Singapore and Hong Kong has widened materially as the city-state captured disproportionate flows from multinational firms and asset managers seeking Asian time-zone liquidity. Over 1,100 banks across 50+ jurisdictions participated in the April 2025 BIS survey, underscoring the breadth of Singapore's market infrastructure.

Market Composition: Top Pairs and Instruments

Non-derivative trades (spot, outright forwards, and swaps) accounted for 90% of Singapore's daily turnover in April 2025, while OTC derivatives (options and currency swaps) made up the remaining 10%. In October 2024, the most traded pairs were EUR/USD (US$239.8 billion daily), USD/CAD (US$157.4 billion), and USD/JPY (US$132.36 billion). In April 2025, USD/JPY overtook others to become the most traded pair by monthly turnover (US$5.7 trillion), with 61.3% coming from FX swaps.

More Japanese yen and Australian dollars are traded in Singapore than in Japan or Australia, underscoring the market's global reach and its role as a liquidity hub for Asia-Pacific currencies. The US dollar remained dominant across all trading, used in 89.2% of all FX trades globally in the April 2025 survey, up from 88.4% in 2022, despite ongoing discussions around de-dollarisation.

Daily Turnover (USD billion) ($B)Source: Orionmano Industries

Drivers: Geopolitical Hedging and Regional Liquidity

Demand for hedging and liquidity surged amid US tariff volatility and interest-rate swings, with asset managers and corporates turning to Singapore, according to Charu Chanana, Singapore-based chief investment strategist at Saxo Bank. Rising hedging needs and interest-rate volatility drove the uptick, she noted after the SFXMC report.

MAS reported broad-based growth across major currencies, with USD, JPY, and EUR registering trading volume increases of between 36% and 65% from 2022 to 2025. Volumes in FX spot, forwards, and swaps rose by between 42% and 61% over the same period. The BIS April 2025 survey captured a period of heightened market volatility due to tariff developments, which amplified trading volumes.

Mr Lim Cheng Khai, Executive Director of MAS' Financial Markets Development Department, stated: "Singapore's FX volumes saw strong growth, driven by 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."

The structural shift toward Singapore reflects a broader reorientation of global FX flows. Investors stepped up asset diversification as trade wars and military conflicts spooked global markets. With all of the top five global banks housing their regional FX sales and trading teams in Singapore, the market offers deep liquidity for both G10 and Asian emerging market currencies. The city-state is well-positioned to further consolidate its status as the third-largest global FX centre, potentially narrowing the gap with London and New York over the next triennial survey cycle as Asian time-zone trading demand continues to grow.