Singapore emerges as third-largest FX hub as trading hits $1.89t in 2025

April 2025 volume rose 60% from 2022.

Singapore ranked as the world’s third-largest foreign exchange trading centre, after London and New York, as its FX average daily trading volumes reached $1.89t (US$1.485t) in April 2025, according to a PwC report.

FX average daily trading volumes increased by 60% from April 2022, with the Monetary Authority of Singapore providing regulatory oversight that promotes transparency, financial stability and innovation within the FX market.

Only 56% of Singapore consumers were familiar with cross-border digital wallet capabilities as of July 2025, significantly below the 84% awareness level amongst merchants, highlighting a gap between consumer awareness and merchant readiness.

Singapore is strengthening cross-border connectivity through Project Nexus, which aims to connect fast payment systems across Indonesia, Malaysia, the Philippines, Singapore and Thailand to enhance regional interoperability.

The country also has a significant remittance market, with total remittance volumes valued at $10.22b (US$8.05b) in 2022 and projected to grow to $16.94b (US$13.34b) by 2032, whilst the gap between consumer awareness and merchant adoption of cross-border digital wallet capabilities remains.

($1.00 = US$0.79)