In April 2025, Singapore’s foreign exchange (FX) market experienced a significant surge, with average daily trading volumes reaching US$1.485 trillion. This marks a 60% increase from April 2022, solidifying Singapore’s position as the third-largest FX trading hub globally, following the United Kingdom and the United States.
The growth was broad-based across currencies, with notable increases in the US dollar, Japanese yen, euro, and Australian dollar volumes. FX spot, forwards, and swaps—collectively accounting for approximately 90% of turnover—saw volume increases between 42% and 61% from 2022 to 2025.
This expansion underscores Singapore’s robust financial infrastructure and strategic positioning in international trade and investment. The Monetary Authority of Singapore attributes this growth to the city’s strong regulatory framework, advanced technological infrastructure, and its status as a trusted financial center.
As global financial markets continue to evolve, Singapore’s FX market remains a critical component of the international financial system, attracting global investors and financial institutions seeking access to the dynamic Asian markets.