Currently, Singapore is positioning itself as a financial focal point amid London’s dwindling stature as the financial hub after Brexit. Despite the fact that Singapore is a small city-state, it is wealthy complete with a clear and trade-steered economy. The country is becoming a popular destination for forex trading.
Some of the factors influencing this popularity and continued improvement of the foreign exchange market include an efficient regulatory system and a solid government. Further, Singapore is gaining from a friendly economic environment compared to some other developed countries.
What’s more, the Singapore Dollar has been gaining massive recognition in the forex market worldwide and this has brought about an enhanced liquidity level while stimulating its foreign exchange market.
The Numbers Indicate a Dynamic growth
Singapore trade data indicates a dynamic growth in the city-state’s foreign exchange market. A report released by the Singapore Monetary Authority shows that the city-state has overtaken many of the developed countries from their reign as the biggest forex center in Asia.
Actually, it has been ranked as the third-biggest foreign exchange center with London and New York taking position two and one respectively. This is a clear indication that Singapore is determined to become a …