FOREX is the world currency trading exchange and it’s a place where people meet in order to buy and sell currencies. Many people trade on Forex via online trading platforms, so trading may happen remotely. At present, Singapore is the biggest FOREX trading centre within the Asia-Pacific region and it ranks third worldwide. Only New York and London experience more FOREX trading than Singapore. These statistics come via the 2016 Triennial Central Bank Survey.
Every day Singapore experiences trading with a total value of five hundred and seventeen billion dollars. Trading has risen dramatically since 2013 and is now thirty-five percent higher in volume than it used to be. To put things in perspective, Malaysia trades the equivalent of eight billion dollars (USD) each day. Singapore is really booming in terms of FOREX. People in the city-state are trading a lot of currencies in order to turn a profit. While trading is always a risk, it’s clearly a risk that many people in Singapore are happy to take.
It’s safe to say that a lot of Singaporeans are profiting from FOREX trades and that their success is provoking others to try the same trading exchange. It’s all about buying when currencies are lower in price and selling when they are higher in price. It’s actually just like trading shares, only its currency. Currencies shift in value on a constant basis and these shifts may be unpredictable.
The Monetary Authority of Singapore is known as the MAS for short and it’s definitely an organization which has taken note of this trend and taken steps to keep Singapore strong in terms of FOREX trading. With a mind to building on the current positive trend, MAS is exploring ways to make it easier for people in Singapore to participate in FOREX, via easier price discovery and other means. As well, MAS wants electronic trading elements to become stronger in the future.
It’s believed that boosts to FOREX trading in Singapore are linked with a boost in the value of ten Asian currencies. One example is the Yuan and more examples include the Yen and the Won (from South Korea).
Singapore is a Land of Opportunity
Singapore is a great place to do business and it’s also a great place to build private wealth. The government in this city-state is very progressive and supports business efforts of citizens, particular in the fintech niche. As well, Singapore is very livable, with the world’s lowest murder rate, a culture based on physical fitness and appreciation of the arts. Many entrepreneurs are out there in Singapore, making waves in fintech and other fields. The government supports their efforts through an array of initiatives, from mentoring to financing to grants.
Naturally, business entities and government agencies in Singapore will also work hard to keep FOREX trading strong in the future. In Singapore, business and government offer join together, with a mind to improving the Singaporean economy. This win-win approach is the reason why Singapore is such a smart place to do business.
About the Author:
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different articles like “10 reasons to invest in Singapore commercial property”, “Singapore and Switzerland Will Enhance Collaboration on Fintech” and related topics like Business Registration in Singapore.