Singapore has solidified its position as the third largest global foreign exchange (FX) centre, following the UK and the US, according to the Monetary Authority of Singapore (MAS). The city-state’s average daily trading volumes (ADTV) in FX reached $1.485t in April 2025, marking a 60% increase from April 2022. This growth has boosted Singapore’s share of global FX volumes to 11.8%, up from 9.5% in 2022, as reported in the 2025 Triennial Central Bank Survey by the Bank for International Settlements (BIS).
The rise in Singapore’s FX ADTV was driven by significant increases in trading volumes across major currencies, including the US dollar, Japanese yen, and Euro, which saw growth rates between 36% and 65%. Additionally, the Chinese renminbi and Australian dollar also experienced notable increases. The FX spot, forwards, and swaps, which together account for 90% of Singapore’s turnover, rose by 42% to 61% over the same period.
Interest rate derivatives also saw a rise, with average daily volumes reaching $208b in April 2025, a 33% increase from 2022. The US dollar, Japanese yen, and Australian dollar were the most actively traded currencies in this category.
Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, highlighted the robust growth in FX volumes, attributing it to “deeper liquidity in the Asian time-zone” and Singapore’s role as a “trusted and efficient price discovery hub.”
The BIS survey, conducted every three years, aims to enhance transparency in the over-the-counter markets and was coordinated with central banks and authorities from 52 jurisdictions. The comprehensive data was gathered from 82 financial institutions in Singapore.
