Singapore strengthened its standing as the world’s third largest foreign exchange centre, after the UK and the US, with daily trading volumes climbing to US$1.485 trillion in April 2025.

Figures from the Bank for International Settlements’ (BIS) 2025 Triennial Central Bank Survey showed volumes rose 60 percent from April 2022, lifting Singapore’s global share to 11.8 percent from 9.5 percent.

The survey covers both foreign exchange and over-the-counter derivatives.

Growth was led by the US dollar, Japanese yen and euro, which recorded increases of 36 to 65 percent, while the Chinese renminbi and Australian dollar also saw gains.

Spot, forward and swap trades made up 90 percent of turnover, with activity rising 42 to 61 percent over the period.

Over-the-counter interest rate derivatives averaged US$208 billion in daily trades in April, up 33 percent from 2022, with the US dollar, Japanese yen and Australian dollar the most actively traded.

Monetary Authority of Singapore (MAS), which worked with central banks and regulators in 52 jurisdictions, drew data from 82 financial institutions in Singapore for the survey.

Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, said,

“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.

This reinforces Singapore’s position as a gateway for global investors into Asia’s fast-evolving economies and financial markets.”

Featured image: Edited by Fintech News Singapore, based on image by MAS