Singapore leapfrogs Japan to be largest foreign exchange centre in Asia

Singapore has leapfrogged Japan in the past three years to become the largest foreign exchange centre in Asia.

It is now the third largest forex centre globally, behind London and New York says the Bank for International Settlements (BIS).

Average daily forex turnover volume in Singapore grew 44 per cent to US$383 billion in April 2013, compared with US$266 billion in April 2010 when the BIS last conducted its triennial survey of global forex centres.

Globally, forex turnover had grown 35 per cent over the same period.

The Singapore Foreign Exchange Market Committee (SFEMC) also carries out a semi-annual forex survey of the top 30 trading banks in Singapore.

The most recent survey done for the month of April 2013 recorded an average daily turnover at around US$381 billion, a 6 per cent increase compared to the last survey in October 2012.

"The results of the BIS and the SFEMC surveys demonstrate Singapore's consistent standing as a key foreign exchange centre in the world and in Asia," said the Monetary Authority of Singapore's deputy managing director, Ms Jacqueline Loh.

"Financial institutions that are based in Singapore to serve the foreign exchange needs of their clients in Asia and beyond are well-placed to tap on this growth."