Singapore’s FX Take Off: How Singapore Aims to Become the Price Discovery Venue for Foreign Exchange in Asia

In 2018 the Hollywood movie Crazy Rich Asians became the highest grossing romantic comedy for more than a decade. The film tells the story of the culture clash between Asian-American Rachel Chu and her boyfriend’s “crazy rich” family in Singapore. When Chu arrives in the country she is amazed by the luxury of  Changi Airport in comparison to New York’s JFK. However, she should not have been surprised as Singapore was rated ninth for household wealth per adult in last year’s Global Wealth Report from Credit Suisse, which is reflected in its fast-growing financial markets. The Monetary Authority of Singapore set out a transformation map for financial services to position the country as a leading global financial centre in Asia by 2020, through innovation, adopting new technology and upgrading skills.

In this Financial Markets Insights report, Matthew Lempriere, Head of Asia Pacific at BSO; Jason Wang Kee Huat, COO of Spark Systems; Scott Moffat, Managing Director, Asia Pacific at LMAX Exchange; and Jon Vollemaere, CEO and Founder at R5FX, talk to the Realization Group’s Mike O’Hara and Shanny Basar about how Singapore is becoming a growing force in global FX and the opportunities opening up for financial firms.

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